Dipo Olowookere
By Dipo Olowookere
The Central Bank of Nigeria (CBN) on Wednesday said the Manufacturing Purchasing Managers’ Index (PMI) increased for the nineteenth consecutive month in October 2018 to 56.8 index points.
According to a report released by the apex bank, the index grew at a faster rate when compared with the index in the previous month.
It said of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; petroleum & coal products; printing & related support activities; cement; chemical & pharmaceutical products; textile, apparel, leather & footwear; furniture & related products; transportation equipment; plastics & rubber products; food, beverage & tobacco products; fabricated metal products; non-metallic mineral products; and paper products.
However, only the primary metal subsector declined in the review month.
The CBN also stated in the report released yesterday that the composite PMI for the non-manufacturing sector stood at 57.0 points in October 2018, indicating expansion in the non-manufacturing PMI for the 18th consecutive month.
The index grew at a faster rate when compared to its level in September 2018. Thirteen of the 17 subsectors recorded growth in the following order: repair, maintenance/washing of motor vehicles; agriculture; wholesale/retail trade; information & communication; educational services; management of companies; utilities; finance & insurance; arts, entertainment & recreation; accommodation & food services; health care & social assistance; real estate rental & leasing; and construction.
The water supply, sewage & waste management; professional, scientific, & technical services; transportation & warehousing; and electricity, gas, steam & air conditioning supply subsectors recorded contraction in the review period.
