CBN's Manufacturing PMI Records 14th Consecutive Growth at 56.5% in

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) on Thursday, May 31, 2018, released its Purchasing Managers’ Index (PMI) Survey Report for the manufacturing sector for the month of May 2018.

In the report, the apex bank said the manufacturing PMI stood at 56.5 index points, indicating expansion in the sector for the 14th consecutive month.

However, it stated that the index grew at a slower rate when compared to the index in the previous month.

According to the CBN, of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: petroleum & coal products; paper products; plastics & rubber products; electrical equipment; food, beverage & tobacco products; cement; chemical & pharmaceutical products; primary metal; printing & related support activities; and textile, apparel, leather & footwear.

However, it noted that the transportation equipment; fabricated metal products; non-metallic mineral products; and furniture & related products subsectors declined in the review month.

Also, at 58.8 points, the production level index for the manufacturing sector grew for the 15th consecutive month in May 2018.

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

During the period under review, nine of the 14 manufacturing subsectors recorded increase in production level, two remained unchanged, while the remaining three recorded declines in production level during the review month.

In the report obtained by Business Post, the composite PMI for the non-manufacturing sector stood at 57.3 points in May 2018, indicating expansion in the Non-manufacturing PMI for the thirteenth consecutive month. The index grew at a slower rate when compared to that in April 2018.

Fourteen of the 18 subsectors recorded growth in the following order: utilities; agriculture; professional, scientific, & technical services; arts, entertainment & recreation; finance & insurance; health care & social assistance; information & communication; real estate rental & leasing; educational services; electricity, gas, steam & air conditioning supply; wholesale/retail trade; water supply, sewage & waste management; management of companies; transportation & warehousing.

The public administration; and repair, maintenance/washing of motor vehicle subsectors remained unchanged, while the accommodation & food services; and construction subsectors recorded contraction in the review period.