According to a report by the bank’s Survey Management Division, activities in the manufacturing sector declined during the period.
It said that 11 out of the 16 manufacturing sub-sectors recorded decline, while the remaining five sub- sectors recorded growth.
The apex bank said the production level for the manufacturing sector stood at 49.3 index points, which represented a decline for the fifth consecutive month, but at a slower rate than that of April.
It said although new orders’ index rose to 4 3.2 index points in May, it also indicated a decline for the fifth consecutive month.
CBN reported that employment level index during the period stood at 46.9, the position it had been in the last 15 consecutive months.
It, however, said the index declined at a slower rate when compared with the level in the preceding month.
According to the report, the composite PMI for the non-manufacturing sector recorded decline for the fifth consecutive month, but retained the 44.3 index points recorded in April.
The CBN also said the manufacturing raw materials inventory index declined to 46.9 index points from 47.6 in April.