Thursday, February 25African Business News
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Tag: 170 Billion

Slower H1 for FMCGs as pandemic hits demand, production

Slower H1 for FMCGs as pandemic hits demand, production

Business
The financial results of many Fast-Moving consumer Goods (FMCGs) companies have been on the average, a sober period for many operators as growth decelerated, profit narrowed, market capitalisation stagnated or dwindled in some cases, and some confirmed their projection of worse performance for the year. For many, year 2019 had ushered a promising and strong 2020, as the Central Bank of Nigeria’s (CBN’s) manufacturing sector purchasing managers index (PMI) stood at 60.8, indicating expansion in the manufacturing sector for the thirty-third consecutive month. But in 2020, the story has flipped with the PMI for July 2020 slumping to 44.9 indicating manufacturing sector contractions, an indication of worsening production and demand. With the coronavirus pandemic forcing Nigerian bar...