By Dipo Olowookere
The Central Bank of Nigeria (CBN) on Monday said the manufacturing sector in the country recorded an expansion in the month of August 2019. This was disclosed in its Purchasing Managers’ Index (PMI) August 2019 Report.
According to the apex bank, its PMI reading for the industry rose for the 29th consecutive month to 57.9 index points. It was stated that the index grew at a faster rate when compared with the index in July.
Of the 14 subsectors surveyed, 13 reported growth in the review month in cement; petroleum & coal products; food, beverage & tobacco products; transportation equipment; printing & related support activities; chemical & pharmaceutical products; furniture & related; products; fabricated metal products; nonmetallic mineral products; electrical equipment; textile, apparel, leather & footwear; plastics & rubber products; and primary metal.
However, the paper products subsector recorded decline in the review period.
On the other side, the composite PMI for the non-manufacturing sector stood at 58.8 points in August 2019, indicating expansion in the PMI for the 28th consecutive month.
The report said the index grew at a faster rate when compared with its level in July 2019 and 14 of the 17 surveyed subsectors recorded growth in repair, maintenance/washing of motor vehicles; transportation & warehousing; information & communication; wholesale/retail trade; electricity, gas, steam & air conditioning supply; arts, entertainment & recreation; real estate rental & leasing; accommodation & food
services; finance & insurance; health care & social assistance; professional, scientific, & technical services;
construction; agriculture; and educational services.
The report said the management of companies; utilities; and water supply, sewage & waste management subsectors contacted in the review period.
Adedapo Adesanya