Nigeria’s manufacturing sector declined for the first time in 36 days in May, according to the latest report from the Central Bank of Nigeria. The Acting Director-General of the Manufacturers Association of Nigeria (MAN), Chuma Oruche said local manufacturers do not expect an improved performance in the sector soon, especially as demand and production have been affected. Similarly, demand in the sector contracted in the sector after 36 months of consecutive months of expansion. Only three subsectors recorded growth in demand in the month of May while two subsectors were unchanged with nine declining. The manufacturing sector created the lowest job in recent years in May as coronavirus pandemic disrupted operations and crippled businesses.

Source: The Guardian June 03, 2020 01:52 UTC