Latest data from the Nigerian Bureau of Statistics (NBS) has revealed that a total of N9.28tn was spent on the importation of manufactured goods into the country between January and September 2020.
The NBS data released on Thursday, January 7, show that manufactured goods imported into the country rose significantly in the third quarter of last year as the manufacturing sector was hard hit by the COVID-19 disruptions, border closure and the scarcity of foreign exchange.
According to the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index Survey Report also released on Thursday, the manufacturing sector contracted in the six months to October amid the economic fallout of the pandemic, and although it snapped out of the stagnation in November, the sector shrank again in December.
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The manufacturing sector recorded contraction in December, the Central Bank of Nigeria said on Thursday.
The Statistics Department of the CBN said this in its ‘Purchasing Managers’ Index Survey Report’ for December 2020.
Part of the report read, “The Manufacturing PMI in the month of December stood at 49.6 index points, indicating a contraction from the expansionary level recorded in the month of November 2020.
“Of the 14 surveyed subsectors, four subsectors reported expansion (above 50 per cent threshold) in the review month in the following order:
“Transportation equipment, non-metallic mineral products, paper products and food, beverage and tobacco products.
“Textile, apparel, leather and footwear subsector remained stationary.”