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By Dipo Olowookere

The latest Purchasing Managers’ Index (PMI) Survey Report of the Central Bank of Nigeria (CBN) has revealed that the Manufacturing PMI in the month of January 2019 stood at 58.5 index points.

According to the central bank, this indicated expansion in the manufacturing sector for the 22nd consecutive month, though the index grew at a slower rate when compared to the index in the previous month.

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

In the month, the report said at 59.3 points, the production level index for the manufacturing sector grew for the 23rd consecutive month, with the index indicating a slower growth in the current month, when compared to its level in the preceding month.

Twelve of the 14 manufacturing subsectors recorded increased production level, while two remained unchanged.

The CBN also said the composite PMI for the nonmanufacturing sector stood at 60.1 points in January 2019, indicating expansion in the non-manufacturing PMI for the 21st consecutive month.

The index also grew at a slower rate when compared to that in December 2018.

Of the 17 surveyed subsectors, 16 recorded growth in the following order: utilities; repair, maintenance/washing of motor vehicles; professional, scientific, & technical services; educational services; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; information & communication; finance & insurance; wholesale/retail trade; real estate rental & leasing; construction; health care & social assistance; agriculture; accommodation & food services; transportation & warehousing; and water supply, sewage & waste management. The management of companies subsector remained unchanged during the review period.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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