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COVID-19: Nigeria’s manufacturing sector contracts further

COVID-19: Nigeria’s manufacturing sector contracts further
Written by Maritime First

…As Tola Adeniyi says: Engage professionals to make Nigeria work again***

As the Nigerian economy contends with the effect of the COVID-19 pandemic, the manufacturing Purchasing Managers’ Index (PMI) has further contracted for the fifth consecutive time, sliding to 46.9 index points.

Manufacturing PMI for August stood at 46.5 index points.

This is contained in the Central bank of Nigeria (CBN) PMI survey report for September conducted by the Statistics Department and obtained from the apex bank’s official website, www.cbn.gov.ng.

Manufacturing is a sector that the government says is integral to sustainable economic growth and development.

The monthly PMI report on businesses is based on survey responses indicating changes in business activities compared to previous months.

The September PMI shows that out of 14 subsectors surveyed, four reported expansion above 50 per cent threshold, while 10 reported contractions.

According to the survey, electrical equipment; transportation equipment; cement and nonmetallic mineral products reported growth.

Subsectors that reported contraction are petroleum and coal products; primary metal; furniture and related products; printing and related support activities; food, beverage and tobacco products.

Others are textile, apparel, leather and footwear; chemical and pharmaceutical products; fabricated metal products and plastics and rubber products; while the paper product subsector remains stable.

In specific terms, production level, employment level, raw materials inventory and other such services in the manufacturing sector all declined in growth.

The CBN also reported that the non-manufacturing sector’s PMI stood at 41.9 points in September, indicating a decline from its 44.7 points in August.

The survey read, “Of the 17 sub-sectors surveyed, three subsectors reported growth in the following order: water supply, sewage and waste management; arts, entertainment and recreation and professional, scientific, and technical services.

“The remaining 14 subsectors reported decline in the following order: management of companies; repair, maintenance/washing of motor vehicle; agriculture; finance and insurance; electricity, gas, steam and air conditioning supply; accommodation and food services.

“Others are information and communication; health care and social assistance; real estate, rental and leasing; educational services; wholesale trade; transportation and warehousing; utilities and construction.’’

In another development, a renowned author and veteran journalist, Chief Tola Adeniyi, stressed on Wednesday, the need for private and public entities, to always engage professionals in managing the country’s affairs to make Nigeria work again.

Adeniyi stated this during the opening ceremony of the 36th Annual General Meeting(AGM) of the Association of Professional Bodies of Nigeria (APBN) in Ibadan.

Speaking on ‘The Imperative of Nigerian Professionals in National Development’,  Adeniyi said that real growth would continue eluding the country until professionals were put in charge of national activities.

He said that Nigeria was awash with many competent, effective and well-trained professionals, wondering why many things were not working as expected in the country.

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“In fact, many Nigerians are seasoned, venerated global personages in their professions. Nigerian doctors, engineers, IT specialists, accountants, lawyers and teachers, particularly in foreign universities, are making great reverberating waves.

“If we as Nigerians are these professionally capable, and we indeed are, then how come we have all these crumbling national institutions, epileptic systems and collapsed state organisations?

“Our professionalism in Nigeria has over the years been compromised and robbed of integrity. The leaders, professionals and non-professional, have not been able to lead aright,” he said.

He said although most of the nation’s institutions and systems were run by professionals what is missing is the professional touch.

“A professional activity devoid of integrity and moral foundation is insipid, dangerous and counter-productive,” he said.

He urged professionals to see themselves as the change champions, leaders, agents and catalysts of national development.

The renowned author implored professionals to take charge of Nigeria’s national advancement programmes and lead the transformation of national projects.

On his part, Mr Olumuyiwa Ajibola, the APBN president, said government alone could not solve the prevailing problems through political or bureaucratic lenses, but needed to be supported by professionals.

He said that the best solutions could only follow a deep definition and understanding of prevailing problems, which professionals were best familiar with.

 

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Maritime First