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CBN Manufacturing Index Growth Rate Slows in September

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.

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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.

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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.

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However, Arts, Entertainment & Recreation subsector remained unchanged, while construction sub-sector recorded contraction in the review 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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