By Dipo Olowookere
The Central Bank of Nigeria (CBN) has said economic activities in the country remained bullish in the month of July 2019.
This information was revealed in the Purchasing Managers’ Index (PMI) for last month released on Wednesday, where the manufacturing PMI stood at 57.6 index points.
According to the central bank, this indicated that the manufacturing sector of the economy recorded another expansion for the 28th consecutive month.
It said the index grew at a faster rate when compared with the index in the previous month and of the 14 subsectors surveyed, 13 reported growth in the review month.
These subsectors are petroleum & coal products; transportation equipment; cement; printing & related support activities; paper products; food, beverage & tobacco products; furniture & related products; fabricated metal products; non-metallic mineral products; plastics & rubber products; primary metal; chemical & pharmaceutical products; and electrical equipment.
The apex bank said however, the Textile, apparel, leather & footwear subsector recorded decline in the review period.
For the non-manufacturing sector, the CBN said the index stood at 58.7 points in July 2019, indicating expansion for the 27th consecutive month. The index grew at a faster rate when compared to its level in June 2019.
All 17 surveyed subsectors recorded growth in the following order: management of companies; arts, entertainment & recreation; finance & insurance; repair, maintenance/washing of motor vehicles; construction; real estate rental & leasing; agriculture; health care & social assistance; information & communication; accommodation & food services; wholesale/retail trade; water supply, sewage & waste management; transportation & warehousing; electricity, gas, steam & air conditioning supply; professional, scientific, & technical services; educational services; and utilities.
Dipo Olowookere