Dipo Olowookere
The Central Bank of Nigeria (CBN) has disclosed that in the month of September 2019, the manufacturing sector in the country recorded an expansion in its 30th consecutive, though the growth in the month was slower than the one achieved last month.
In its latest Purchasing Managers’ Index (PMI) reading, the central bank said the sector printed 57.7 index points and that 13 of the 14 surveyed subsectors reported growth in the review month.
These subsectors are 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.
For the non-manufacturing sector, the composite PMI stood at 58.0 points in September 2019, indicating
expansion for the 29th consecutive month and the index also grew at a slower rate when compared with its level in August 2019.
The CBN said 14 of the 17 surveyed subsectors recorded growth in utilities; information & communication;
wholesale/retail trade; arts, entertainment & recreation; transportation & warehousing; agriculture; repair, maintenance/washing of motor vehicles; construction; finance & insurance; accommodation & food services; educational services; health care & social assistance; real estate rental & leasing; and electricity,
gas, steam & air conditioning supply.
However, the management of companies subsector remained unchanged, while the water supply, sewage & waste management; and professional, scientific, & technical services sub-sectors contacted in the review period.
The apex bank said it arrived at the figures through a PMI survey conducted by its Statistics Department during the period September 9-13, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).
