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Nigeria’s PMI Grows for 13th Consecutive Month to 56.9 Points

By Modupe Gbadeyanka

Manufacturing activities in Nigeria as measured by the Purchasing Managers’ Index (PMI) have recorded another expansion.

According to a report released by the Central Bank of Nigeria (CBN), the manufacturing index for the month of April increased to 56.9 index points.

This, the central bank said, indicated expansion in the manufacturing sector for the 13th consecutive month.

“The index grew at a faster rate when compared to the index in the previous month,” the CBN said in the report.

It was disclosed that of the 15 subsectors surveyed, 12 reported growth in the review month in the following order: Petroleum & coal products, Electrical equipment, Appliances & components, Printing & related support activities, Textile apparel leather & footwear, Fabricated metal products, Chemical & pharmaceutical products, Food, beverage & tobacco products, Paper products, Furniture & related products, Plastics & rubber products, Transportation equipment.

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The cement sub-sector remained unchanged, while the non-metallic minerals and Primary metal subsectors declined in the review month.

Also, At 58.6 points, the production level index for the manufacturing sector grew for the 14th consecutive month in April 2018.

The index indicated a slower growth in the current month, when compared to its level in the preceding month.

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During the month, 12 of the 15 manufacturing subsectors recorded increase in production level, one remained unchanged, while the remaining two recorded declines in production level during the review month.

Furthermore, the employment level index in April 2018 stood at 55 points, indicating growth in employment level for the 12th consecutive month.

Of the 15 subsectors, nine subsectors increased their employment level, three remained unchanged while three reduced their employment level in the review month.

The CBN also said in the report that the composite PMI for the non-manufacturing sector stood at 57.5 points in April 2018, indicating expansion in the non-manufacturing PMI for the 12th consecutive month.

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Fifteen of the 18 subsectors recorded growth in the following order: Arts, entertainment & recreation; Finance & insurance; Public administration; Utilities; Educational services; Agriculture; Health care & social assistance; Information & communication; Water supply, sewage & waste management; Repair, maintenance/washing of motor vehicles; Professional, scientific, & technical services; wholesale/retail trade; Accommodation & food services; Construction; and Real estate rental & leasing. The management of companies subsector remained unchanged, while the Transportation & warehousing; and the Electricity, gas, steam & air conditioning supply subsectors recorded contraction in the reviewed period.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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