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Manufacturing PMI Posts 1.2% Growth in July to 54.1 Index Points

By Dipo Olowookere

Manufacturing activities in the month of July recorded a growth, making it the fourth consecutive month this has happened this year.

In the data released by the Central Bank of Nigeria (CBN), the manufacturing Purchasing Managers’ Index (PMI) for July 2017 stood at 54.1 index points in contrast to 52.9 index points in June.

During the period under review, 11 of the 16 subsectors reported growth in the following order: appliances & components; computer & electronic products; cement; primary metal; chemical & pharmaceutical products; food, beverage & tobacco products; textile, apparel, leather & footwear; printing & related support activities; paper products; electrical equipment and transportation equipment.

The remaining five subsectors declined in the order: petroleum & coal products; fabricated metal products; furniture & related products; non-metallic mineral products and plastics & rubber products.

According to the CBN, the July 2017 PMI survey was conducted by its Statistics Department during the period July 10 – 14, 2017.

The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 13 locations in Nigeria (2 states in each geopolitical zone and the Federal Capital Territory).

A total of 1,791 responses were received from a sample of 1,950 respondents, representing a response rate of 91.8 percent.

It was revealed that the production level index for the manufacturing sector grew for the fifth consecutive month in July 2017.

The index at 59.3 points indicated an expansion in production at a faster rate, when compared to the level recorded in the previous month. Fourteen of the 16 manufacturing subsectors recorded expansion in production level during the review month.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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