Nairametrics| The Statistics Department, Central Bank of Nigeria conducts a monthly survey of purchasing and supply executives of manufacturing and non-manufacturing organizations in 13 locations in Nigeria; two states in each of the six geo-political zones, and the FCT. The survey results are used to compute the monthly Purchasing Managers’ Index (PMI).
A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally declining.
The Manufacturing PMI stood at 46.0 index points in November 2016, indicating a slowing decline in the manufacturing sector during the review period, but a marginal improvement compared with the previous month level
The composite PMI for the non-manufacturing sector declined for the eleventh consecutive month. The index stood at 42.8 points, indicating a faster decline when compared to the index in October 2016