Dipo Olowookere
By Dipo Olowookere
The Central Bank of Nigeria (CBN) has released the manufacturing Purchasing Managers’ Index (PMI) for the month of November 2018.
According to the apex bank, the index increased for the 20th consecutive month at a faster rate when compared with the index in the previous month to stay at 57.9 index points.
It was revealed that all the 14 subsectors surveyed reported growth in the review month in the following order: electrical equipment; furniture & related products; cement; food, beverage & tobacco products; paper products; transportation equipment; plastics & rubber products; chemical & pharmaceutical products; printing & related support activities; petroleum & coal products; fabricated metal products; non-metallic mineral products; textile, apparel, leather & footwear; and primary metal.
On the other hand, the composite PMI for the non-manufacturing sector stood at 58.4 points in November 2018, indicating expansion in the non-manufacturing PMI for the 19th consecutive month, growing at a faster rate when compared to that in October 2018.
Of the 17 surveyed subsectors, 16 recorded growth in the following order: water supply, sewage & waste management; management of companies; repair, maintenance/washing of motor vehicles; arts, entertainment & recreation; agriculture; wholesale/retail trade; educational services; information & communication; finance & insurance; real estate rental & leasing; professional, scientific, & technical services; construction; health care & social assistance; accommodation & food services; electricity, gas, steam & air conditioning supply; and transportation & warehousing. The utilities subsector recorded contraction in the review period.
