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The Central Bank of Nigeria has reported that the country’s Purchasing Manager’s Index (PMI) rose marginally to 46 points in November from 44.1 points in the previous month.

The apex bank said the increase in the PMI was the result of the growth recorded in four subsectors: cement; food, beverage & tobacco products; plastics & rubber products; and electrical equipment, raising the subsectoral points to 57.4, 53.4, 52.7, and 51.9, respectively. However, 12 out of the 16 manufacturing sub-sectors recorded declines in the month of review. These sectors and their latest points are computer & electronic products (30); primary metal (35.9); petroleum & coal products (38.3); transportation equipment (40.8); furniture & related products (41.2).

Others are printing & related support activities (42); non-metallic mineral products (43.5); fabricated metal products; chemical & pharmaceutical products (43.8); textile, apparel, leather & footwear; paper products (47.3); and appliances & components (48.1).

Nigeria’s PMI has been under 50 points – which indicates that the manufacturing sector is generally declining – since December 2015, due mainly to the country’s deteriorating macroeconomic conditions.