By Dipo Olowookere
The manufacturing sector in Nigeria recorded a further growth in the month of December 2017, the Central Bank of Nigeria (CBN) has revealed.
According to the apex bank’s Purchasing Managers’ Index (PMI) for December 2017, the sector’s index expanded to 59.3 index points in the period under review from 55.9 index points recorded in the month of November 2017.
This, the central bank said, indicated expansion in the manufacturing sector for the ninth consecutive months.
The report said 15 of the 16 subsectors reported growth in the review month in the following order petroleum & coal products; textile, apparel, leather and footwear; cement; transportation equipment; paper products; food, beverage & tobacco products; furniture & related products; plastics & rubber products; non-metallic mineral products; printing & related support activities; appliances and components; chemical & pharmaceutical products; fabricated metal products; primary metal and electrical equipment.
The computer & electronic product sector contracted in the review month.
Also during the month, the production level index for the manufacturing sector grew for the tenth consecutive month at 63.2 points.
The index indicated an increase in production in the current month, when compared to its level in the preceding month. Eleven of the 16 manufacturing subsectors recorded increase in production level, 3 remained unchanged, while the remaining 2 recorded declines in production level during the review month.
In addition, the employment level index in December 2017 stood at 53.9 points, indicating growth in employment level for the eighth consecutive month.
Of the 16 subsectors, 9 subsectors increased their employment level, 3 remained unchanged while 4 subsectors reduced their employment level in the review month.
Furthermore, the manufacturing sector inventories index grew for the ninth consecutive months in December 2017.
At 61.1 points, the index grew at a faster rate when compared to its level in the previous months. Eleven of the 16 subsectors recorded growth, 3 remained unchanged while 2 subsectors recorded decline in raw material inventories.
The CBN said in the report that the composite PMI for the non-manufacturing sector stood at 62.1 points in December 2017, indicating expansion in the Non-manufacturing PMI for the eighth consecutive month.
Fifteen of the 18 non-manufacturing subsectors recorded growth in the following order: arts, entertainment & recreation; agriculture; transportation & warehousing; utilities; water supply, sewage & waste management; finance & insurance; health care & social assistance; real estate, rental & leasing; wholesale trade; accommodation & food services; electricity, gas, steam & air conditioning supply; educational services; construction; information & communication and professional, scientific, & technical services.
The management of companies remained unchanged, while the public administration and repair, maintenance/washing of motor vehicles… subsectors recorded contraction in the review period.
It was further stated that the employment level Index for the non-manufacturing sector stood at 55.7 points, indicating growth in employment for the eighth consecutive month.
Eleven subsectors recorded growth in the review month, 3 remained unchanged while 4 recorded declines.
