By Dipo Olowookere
The Central Bank of Nigeria (CBN) at the weekend released its manufacturing Purchasing Managers’
Index (PMI) for the month of June 2018.
In its report, the apex bank said manufacturing index during the month expanded for the 15th consecutive time to 57 index points.
However, the CBN said the index grew at a faster rate when compared to the index in the previous month.
Of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: paper products; furniture & related products; printing & related support activities; food, beverage & tobacco products; plastics & rubber products; electrical equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; petroleum & coal products and non-metallic mineral products.
The transportation equipment; fabricated metal products; primary metal; and cement subsectors declined in the review month.
Also, the production level index for the manufacturing sector grew for the 16th consecutive month in June 2018 to 59.2 points.
The index indicated a faster growth in the current month, when compared to its level in the preceding month.
It was disclosed that 10 of the 14 manufacturing subsectors recorded increase in production level, one remained unchanged, while the remaining three recorded declines in production level during the review month.
During the month, the composite PMI for the non-manufacturing sector stood at 57.5 points, indicating expansion in the non-manufacturing PMI for the 14th consecutive month.
The index grew at a faster rate when compared to that in May 2018.
Fourteen of the 17 subsectors recorded growth in the following order: repair, maintenance/ washing of motor vehicles; agriculture; information & communication; professional, scientific, & technical services; finance & insurance; utilities; water supply, sewage & waste management; health care & social assistance; real estate rental & leasing; electricity, gas, steam & air conditioning supply; wholesale/retail trade; construction; management of companies; and transportation & warehousing.
The arts, entertainment & recreation subsector remained unchanged, while the accommodation & food services; and educational services subsectors recorded contraction in the review period.
