For many, year 2019 had ushered a promising and strong 2020, as the Central Bank of Nigeria’s (CBN’s) manufacturing sector purchasing managers index (PMI) stood at 60.8, indicating expansion in the manufacturing sector for the thirty-third consecutive month. But in 2020, the story has flipped with the PMI for July 2020 slumping to 44.9 indicating manufacturing sector contractions, an indication of worsening production and demand. Its revenue dropped from N170 billion in H1 2019 to N152 billion in the comparable period. Profit dropped to N200.67 million in H1 2020 from N283.26 million, while revenue closed lower at N433.8 million from N638.75 million. This measure will no doubt improve liquidity and ramp up productivity in the manufacturing sector in a manner that will cover up for obvious losses due to COVID-19,” MAN added.

Source: The Guardian August 05, 2020 04:18 UTC