By Dipo Olowookere
The Central Bank of Nigeria (CBN) has revealed that the manufacturing sector in Nigeria continued its faster growth rate in the month of May 2019.
The performance of the critical sector of the economy was measured by the apex bank via the Purchasing Managers’ Index (PMI), which stood at 57.8 index points in the month under consideration, indicating expansion for the 26th consecutive month.
According to the CBN, the index grew at a faster rate when compared to the index in the previous month.
Business Post learned that 13 of the 14 subsectors surveyed reported growth in the review month in the following order: transportation equipment; electrical equipment; petroleum & coal products;
paper products; cement; food, beverage & tobacco products; plastics & rubber products; chemical & pharmaceutical products; fabricated metal products; furniture & related products; non-metallic
mineral products; textile, apparel, leather & footwear and printing & related support activities.
The primary metal subsector recorded decline in the review period.
At 59.1 points, the production level index for the manufacturing sector grew for the twenty-seventh consecutive month in May 2019. The index indicated a faster growth in the current month, when
compared to its level in the month of April 2019.
Eleven of the 14 manufacturing subsectors recorded increased production level, while 3 recorded decline.
The employment level index for May 2019 stood at 57.3 points, indicating growth in employment level for the twenty-fifth consecutive month.
Of the 14 subsectors, 11 reported increased employment level, one reported unchanged employment level while 2 reported decreased employment in the review month.
In the report, the central bank said the composite PMI for the nonmanufacturing sector stood at 58.9 points in May 2019, indicating expansion in the non-manufacturing PMI for the 25th consecutive month, growing at a faster rate when compared to its level in April 2019.
Sixteen of the 17 surveyed subsectors recorded growth in the following order: management of companies; arts, entertainment & recreation; repair, maintenance/washing of motor vehicles; information & communication; agriculture; construction; educational services; real estate rental & leasing; electricity, gas, steam & air conditioning supply; health care & social assistance; wholesale/retail trade; accommodation & food services; finance & insurance; utilities; water supply, sewage & waste management and professional, scientific, & technical services.
The transportation & warehousing recorded decline in the review period.
Adedapo Adesanya