Nigeria records growth in manufacturing for 27th consecutive months
London, June 26, 2019 (AltAfrica)-Nigeria’s Manufacturing sector has for the first time in decades records a consecutive growth for upward of 27 months . That’s according to the latest figure fro the Central Bank of Nigeria 9CBN) which shows Purchasing Managers’ Index (PMI) stood at 57.4 index points in the month of June, indicating an expansion in the manufacturing sector for 27 consecutive months.
The Purchasing Managers‘ Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. It summarizes whether market conditions, as viewed by purchasing managers, are expanding, staying the same, or contracting
According to the Central Bank of Nigeria (CBN), monthly PMI Survey Report posted on its website, index grew at a slower rate when compared to the index points recorded in the preceding month.
It says “The Manufacturing PMI in the month of June stood at 57.4 index points, indicating expansion in the manufacturing sector for the 27th consecutive month. The index grew at a slower rate when compared to the index in the previous month. “
Of the 14 sub-sectors surveyed, 12 reported growth in the review month in the following order: transportation equipment; petroleum & coal products; cement; chemical & pharmaceutical products; electrical equipment; food, beverage & tobacco products; printing & related support activities; fabricated metal products; paper products; furniture & related products; textile, apparel, leather & footwear; and plastics & rubber products.
It also stated: “At 59.3 points, the production level index for the manufacturing sector grew for the twenty-eighth consecutive month in June 2019. The index indicated a faster growth in the current month, when compared to its level in the month of May 2019. Twelve of the 14 manufacturing sub-sectors recorded increased production level, 1 remained unchanged while one recorded decline.”
It further stated that the non-metallic mineral products and primary metal subsectors recorded decline in the review period.
“The composite PMI for the nonmanufacturing sector stood at 58.6 points in June 2019, indicating expansion in the Non-manufacturing PMI for the twenty-sixth consecutive month. The index grew at a slower rate when compared to its level in May 2019,” it added.
In all 16 of the 17 surveyed sub-sectors recorded growth in the following order: water supply, sewage & waste management; arts, entertainment & recreation; repair, maintenance/washing of motor vehicles; electricity, gas, steam & air conditioning supply; utilities; information & communication; transportation & warehousing; real estate rental & leasing; construction; health care & social assistance; finance & insurance; wholesale/retail trade; accommodation & food services; agriculture; educational services; and professional, scientific, & technical services. The management of companies subsector recorded decline in the review period.