Nigeria’s Manufacturing PMI Rises 7th Consecutive Month to 55 Points in October

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has released the Purchasing Managers’ Index (PMI) for the manufacturing sector for the month of October.

The apex bank said the manufacturing PMI stood at 55.0 index points in October 2017, indicating expansion in the manufacturing sector for the seventh consecutive month.

In the report, the CBN said 11 of the 16 subsectors reported growth in the review month in the following order: plastics & rubber products; paper products; non-metallic mineral products; chemical & pharmaceutical products; textile, apparel, leather & footwear; food, beverage & tobacco products; furniture & related products; primary metal; electrical equipment; printing & related support activities; and fabricated metal products.

The appliances & components subsector remained unchanged, while remaining 4 subsectors contracted in the order: computer & electronic products; petroleum & coal products; cement; and transportation equipment.

Also, the production level index for manufacturing sector grew for the eighth consecutive month in October 2017.

At 58.4 points, the index indicated an increase in production at a slower rate, when compared to its level in the preceding month. Eleven of the 16 manufacturing subsectors recorded increase in production level, while 5 remained unchanged during the review month.

According to the central bank, the composite PMI for the non-manufacturing sector stood at 55.3 points in October 2017, indicating growth in the non-manufacturing PMI for the sixth consecutive month.

Of the 18 nonmanufacturing subsectors, 15 recorded growth in the following order: agriculture; utilities; finance & insurance; health care & social assistance; public administration; real estate rental & leasing; information & communication; transportation & warehousing; wholesale/retail trade; water supply, sewage & waste management; accommodation & food services; management of companies; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; and educational services.

The construction; professional, scientific, & technical services; and repair, maintenance/washing of motor vehicles sub sectors recorded contraction in the review period.