By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has released its Manufacturing Purchasing Manager’s Index (PMI) for the month of September.
According to the data released by the apex bank, the manufacturing PMI stood at 56.2 index points, indicating expansion in the manufacturing sector for the 18th consecutive month, however, at a slower rate when compared to the index in the previous month.
It was disclosed that of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: Electrical equipment; Printing & related support activities; Transportation equipment; non-metallic mineral products; Chemical & pharmaceutical products; Fabricated metal products; Furniture & related products; Textile, apparel, leather & footwear; Food, beverage & tobacco products; and Plastics & rubber products.
It was further stated that the Petroleum & coal products; Cement; Paper products; and Primary metal subsectors declined in the review month.
On the flip side, the central bank stated that the composite PMI for the non-manufacturing sector stood at 56.5 points in September 2018, indicating expansion in the index for the 17th consecutive month, but at a slower rate when compared to that in August 2018.
During the month, 15 of the 17 subsectors recorded growth in the following order: Educational services; Management of companies; Information & communication; Agriculture; Finance & insurance; Water supply, sewage & waste management; Wholesale/Retail trade; Real estate rental & leasing; Utilities; Accommodation & food services; Transportation & warehousing; Electricity, gas, steam & air conditioning supply; Professional, scientific, & technical services; Health care & social assistance; and Repair, Maintenance/Washing of Motor Vehicles.
However, Arts, Entertainment & Recreation subsector remained unchanged, while construction sub-sector recorded contraction in the review period.
more recommended stories
Forte Oil to Pay Interim Dividend of N1.15k June 10
By Dipo Olowookere The board of.
NSE Releases Effective Dates of Five New Rules
By Dipo Olowookere The Nigerian Stock.
Wari Takes Financial Services Closer to Customers on WhatsApp
In order to make its customers.
Second 30-Year Bond Sale Records 336% Subscription
By Dipo Olowookere At the May.
FBNQuest Complies With GIPS to Boost Investor Confidence
A subsidiary of FBNQuest Merchant Bank.
Stock Market Gains N408bn as MTN Nigeria Listing Frenzy Persists
By Dipo Olowookere Transactions on the.
Facebook NG_Hub Trains 50,800 SMBs in Digital Skills
By Modupe Gbadeyanka Not less than.
Asian Equities Finish Mute Despite Reprieve for Huawei
By Investors Hub Asian stocks ended.