Manufacturing Index Records 12th Consecutive Growth in March—CBN

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has released its manufacturing Purchasing Managers’ Index (PMI) for the month of March 2018.

The apex bank, in its report, stated that the manufacturing sector of the nation’s economy recorded an expansion for the 12th consecutive month to close at 56.7 index points last month.

It disclosed that the index grew at a faster rate, when compared to the index in the previous month, pointing out that of the 14 subsectors surveyed, 11 reported growth in the review month in the following order: electrical equipment; cement; petroleum & coal products; food, beverage & tobacco products; chemical & pharmaceutical products; fabricated metal products; paper products; transportation equipment; plastics & rubber products; textile, apparel, leather and footwear and primary metal.

The CBN noted that the remaining three subsectors contracted in the following order: non-metallic mineral products; furniture & related products and printing & related support activities.

The nation’s chief lender also said the production level index for the manufacturing sector grew for the thirteenth consecutive month in March 2018 to 59.1 points.

It said the index indicated a faster growth in the current month, when compared to its level in the preceding month.

Seven of the 14 manufacturing subsectors recorded increase in production level, 3 remained unchanged, while the remaining four recorded declines in production level during the review month.

In the same report, the apex bank disclosed that the composite PMI for the non-manufacturing sector stood at 57.2 points in March 2018, indicating expansion in the non-manufacturing PMI for the 11th consecutive month.

It said 14 of the 16 subsectors recorded growth in the following order: public administration; utilities; finance & insurance; management of companies; agriculture; electricity, gas, steam & air conditioning supply; professional, scientific, & technical services; water supply, sewage & waste management; educational services; wholesale/retail trade; information & communication; real estate rental & leasing; health care & social assistance; accommodation & food services.

The CBN said the transportation & warehousing; and construction subsectors recorded contraction in the review period.