The Nigerian economy contracted in July for the third consecutive month, the manufacturing and non-manufacturing purchasing managers indices have shown.
The statistics department of the Central Bank of Nigeria disclosed this in its Purchasing Managers’ Index survey report for July which was released on Wednesday.
The CBN, however, said the remaining 12 subsectors reported contraction, namely printing and related support activities; primary metals; fabricated metal products; paper products; and food, beverage and tobacco products. It said of the 17 surveyed subsectors, only two, namely arts, entertainment and recreation; and transportation and warehousing reported growth in the review month.
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