This was according to the result of PMI survey released by the Statistics Department of Central Bank of Nigeria on Tuesday.
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Manufacturing PMI for August stood at 48.5 index points.
The Central Bank of Nigeria said the Manufacturing Purchasing Managers’ Index stood at 57.1 index points as at February, indicating an expansion in the manufacturing sector for 23 consecutive months.
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