By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) on Wednesday released its monthly Purchasing Managers’ Index (PMI) Survey Report for the manufacturing sector of the economy.
The manufacturing PMI for the month of January 2018 showed another expansion for the tenth consecutive month.
The index dropped to 57.3 points from 59.3 points achieved in December 2017.
The index shows changes in the level of business activities in the current month compared with the preceding month.
According to the CBN, the 57.3 index points achieved in January 2018 showed growth at a slower rate, when compared to that in the previous month.
The central bank said in its report that out of the 16 subsectors, 13 reported growth in the review month in the following order: computer & electronic products; non-metallic mineral products; cement; textile, apparel, leather & footwear; printing & related support activities; appliances & components; primary metal; petroleum & coal products; food, beverage & tobacco products; furniture & related products; paper products; fabricated metal products; plastics & rubber products.
It disclosed that the electrical equipment; chemical & pharmaceutical products; and transportation equipment subsectors contracted in the review month.
Also, at 59.6 points, the January 2018 production level index for the manufacturing sector grew for the eleventh consecutive month.
The index indicated a slower growth in the current month, when compared to its level in the preceding month.
The apex bank said 11 of the 16 manufacturing subsectors recorded expansion in production level, 3 remained unchanged, while the remaining 2 recorded declines in production level during the review month.
In the report, the CBN said the composite PMI for the non-manufacturing sector stood at 58.5 points in January 2018, indicating expansion in the sector’s PMI for the ninth consecutive month.
It said 16 of the 18 non-manufacturing subsectors recorded growth in the following order: public administration; repair, maintenance/washing of motor vehicles; educational services; water supply, sewage & waste management; transportation & warehousing; real estate rental & leasing; arts, entertainment & recreation; information & communication; agriculture; finance & insurance; professional, scientific, & technical services; wholesale/retail trade; health care & social assistance; electricity, gas, steam & air conditioning supply; utilities; construction; and management of companies. The management of companies remained unchanged, while the accommodation & food services subsector recorded contraction in the review period.
Furthermore, at 61.3 points, the January 2018 business activity index grew for the tenth consecutive month, indicating expansion in business activity.
The index grew at a slower rate, when compared to its level in the previous month and 16 subsectors recorded growth in business activity, 1 sector remain unchanged, while 1 declined in the review month.
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