The Purchasing Managers Index (PMI) rose to 45.8 index points in May from the 43.7 in April, the Central Bank of Nigeria (CBN) said on Wednesday.

According to a report by the bank’s Survey Management Division, activities in the manufacturing sector declined during the period.
It said that 11 out of the 16 manufacturing sub-sectors recorded decline, while the remaining five sub- sectors recorded growth.

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The apex bank said the production level for the manufacturing sector stood at 49.3 index points, which represented a decline for the fifth consecutive month, but at a slower rate than that of April.

It said although new orders’ index rose to 4 3.2 index points in May, it also indicated a decline for the fifth consecutive month.

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CBN reported that employment level index during the period stood at 46.9, the position it had been in the last 15 consecutive months.

It, however, said the index declined at a slower rate when compared with the level in the preceding month.
According to the report, the composite PMI for the non-manufacturing sector recorded decline for the fifth consecutive month, but retained the 44.3 index points recorded in April.

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The CBN also said the manufacturing raw materials inventory index declined to 46.9 index points from 47.6 in April.