Nigeria’s Manufacturing PMI Records Faster Growth in April

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) said in the month of April 2019, the manufacturing PMI stood at 57.7 index points.

This, it said, indicated an expansion in the manufacturing sector for the 25th consecutive month, with the index growing at a faster rate when compared with the index in the previous month.

It added that 12 of the 14 subsectors surveyed reported growth in the review month in the following order: electrical equipment; plastics & rubber products; cement; petroleum & coal products; transportation equipment; food, beverage & tobacco products; non-metallic mineral products; chemical & pharmaceutical products; furniture & related products; textile, apparel, leather & footwear; printing & related support activities and fabricated metal products.

According to the CBN, the paper products and primary metal subsectors recorded decline in the review period.

For the composite PMI for the non-manufacturing sector, it stood at 58.7 points in April 2019, indicating expansion in the non-manufacturing PMI for the twenty-fourth consecutive month.

The central bank said the index grew at a faster rate when compared with its level in March 2019 and all the 17 subsectors surveyed recorded growth in the following order: management of companies; real estate rental & leasing; construction; wholesale/retail trade; agriculture; health care & social assistance; finance & insurance; professional, scientific, & technical services; educational services; water supply, sewage & waste management; information & communication; accommodation & food services; repair, maintenance/washing of motor vehicles; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; transportation & warehousing and utilities.