January 6, 2017/Cowry Asset Research

Nigeria’s manufacturing sector recorded expansion in business activity in the month of December 2016 to break a string of contractions recorded in the preceding eleven months. This was in spite of a tough operating macroeconomic environment impacted by scarce foreign exchange, high inflation rate, low consumer demand and decline in purchasing power. It may however be safe to speculate that the uptick in manufacturing is related to seasonal demand for goods and services during the Yuletide season..

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