Manufacturing Sector Grew at Slower Rate in February—CBN

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has revealed that the Purchasing Managers’ Index (PMI) of the manufacturing sector expanded for the 23rd consecutive month in February.

According to a report released by the apex bank, the PMI for the sector stood at 57.1 index points, noting that the index grew at a slower rate when compared with the index in the previous month.

It was disclosed that 13 of the 14 subsectors surveyed reported growth in the review month.

The subsectors which recorded growth were petroleum & coal products; electrical equipment; transportation equipment; plastics & rubber products; food, beverage & tobacco products; textile, apparel, leather & footwear; non-metallic mineral products; chemical & pharmaceutical products; furniture & related products; printing & related support activities; cement; fabricated metal products; and paper products.

The report said only the primary metal subsector recorded decline in the review period.

For the composite PMI for the nonmanufacturing sector, the index stood at 58.4 points in February 2019, indicating expansion for the 22nd consecutive month.

Also, the index grew at a slower rate when compared with that in January 2019.

All 17 surveyed subsectors recorded growth in the following order: management of companies; arts, entertainment & recreation; utilities; information & communication; finance & insurance; repair, maintenance/washing of motor vehicles; educational services; real estate rental & leasing; wholesale/retail trade; transportation & warehousing; health care & social assistance; electricity, gas, steam & air conditioning supply; agriculture; accommodation & food services; construction; professional, scientific, & technical services; and water supply, sewage & waste management.