By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has released its manufacturing Purchasing Managers’ Index (PMI) for the month of March 2017.
From the data released by the central bank on Friday, the country’s manufacturing PMI declined to 47.7 index points from 44.6 index points a month earlier, indicating a change of 3.1 index points.
This is the third consecutive month the PMI was recording a loss, thought at a slower rate.
According to the report sighted by Business Post, 13 of the 16 sub-sectors reported declines in the review month in the order of primary metal; transportation equipment; plastics & rubber products; electrical equipment; paper products; printing & related support activities; petroleum & coal products; and non-metallic mineral products.
Others are furniture & related products; cement; fabricated metal products; computer & electronic products; and chemical & pharmaceutical products.
Also are the appliances & components; food, beverage & tobacco products; and textile, apparel, leather & footwear sub sectors reported expansion in the review period.
The CBN also said the production level index for manufacturing sector expanded in March 2017. The index at 50.8 points indicated an expansion in production level as compared to contraction in the previous month.
Seven manufacturing sub-sectors recorded increase in production level during the review month in the following order: appliances & components; petroleum & coal products; textile, apparel, leather & footwear; food, beverage & tobacco products; cement; computer & electronic products; and furniture & related products.
The non-metallic mineral products sub-sector remained unchanged, while the primary metal; transportation equipment; electrical equipment; plastics & rubber products; paper products; chemical & pharmaceutical products; printing & related support activities; and fabricated metal products recorded declines in production in March 2017.
Furthermore, the employment level index in March 2017 stood at 43.6 points, indicating a decline in employment level for 25 consecutive months.
However, the index declined at a slower rate when compared with the level in the preceding month.
Also in the report, the central bank noted that the composite PMI for the non-manufacturing sector declined for the 15th consecutive month.
The index stood at 47.1 points, indicating a slower decline when compared to the 44.5 points in February 2017.
Of the 18 non-manufacturing sub-sectors, eleven recorded declines in the following order: construction; professional, scientific, & technical services; real estate, rental & leasing; management of companies; repair, maintenance/washing of motor vehicles; accommodation & food services; wholesale/retail trade; arts, entertainment & recreation; information & communication; utilities; and health care & social assistance.
The remaining seven sub-sectors: public administration; educational services; agriculture; water supply, sewage & waste management; electricity, gas, steam & air conditioning supply; transportation & warehousing; and finance & insurance reported growth in the review month.
The manufacturing and non-manufacturing PMI Report on businesses is derived from the data compiled from purchasing and supply executives.
Survey responses indicate whether there is change or no change in the level of business activities in the current month compared with the previous month.
Adedapo Adesanya