Nigeria’s manufacturing activity slumped to a year-low of 46.5 reading in the month of April, according to a new report released on Tuesday by the investment and securities trading firm, FBN Quest.
The Purchasing Managers’ Index, designed to track manufacturing in big and small companies in Nigeria, was at a healthy 54.5 reading in March but falls sharply on the back of biting foreign exchange shortage, petrol scarcity and higher pump price as well as the delay in the release of the 2016 budget.
The report says manufacturers see no near-term optimism that new hiring will occur as the economy battles a slowdown.
Output reading at 42.0 was the lowest on the table since the FBN Quest PMI was launched a few years ago.
