Manufacturing Index Expands for 17th Month to 57.1%—CBN

By Modupe Gbadeyanka

For the 17th consecutive month, the Manufacturing Purchasing Managers’ Index (PMI) grew in the month of August 2018 to 57.1 index points, the Central Bank of Nigeria (CBN) has disclosed.

In its latest report, the apex bank stated that the index expanded at a faster rate when compared with the index in the previous month.

Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; non-metallic mineral products; cement; furniture & related products; plastics & rubber products; textile, apparel, leather & footwear; petroleum & coal products; chemical & pharmaceutical products; paper products; fabricated metal products; printing & related support activities; food, beverage & tobacco products and primary metal.

However, the transportation equipment subsector declined in the review month, according to the report.

The central bank also disclosed that at 59.3 points, the production level index for the manufacturing sector grew for the 18th consecutive month in August 2018.

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

During the month, 13 of the 14 manufacturing subsectors recorded increases in production level, while only one declined.

For the composite PMI for the non-manufacturing sector, this stood at 58 points in August 2018, indicating expansion in the non-manufacturing PMI for the 16th consecutive month.

The index grew at a faster rate when compared to that in July 2018, while 14 of the 17 subsectors recorded growth in the following order: agriculture; repair, maintenance/washing of motor vehicles; information & communication; water supply, sewage & waste management; educational services; wholesale/retail trade; finance & insurance; arts, entertainment & recreation; real estate rental & leasing; health care & social assistance; transportation & warehousing; management of companies; accommodation & food services; electricity, gas, steam & air conditioning supply.

The public administration subsector remained unchanged, while utilities; professional, scientific & technical services and construction subsectors recorded contractions in the review period.