January PMI index records slow growth, says CBN
THE Central Bank of Nigeria (CBN) yesterday reported that the January 2018 Purchasers Manager Index (PMI) - a survey which measures the productive activities in the manufacturing and non-manufacturing sectors of the country grew to 57.3 pet cent, howbeit sluggishly in comparative terms with previous growth trajectory.
The development came as the NOI Polls, which also released its Fourth Quarter 2017 Personal Wellbeing Index reported that though the index moved up sluggishly, the economic and living standards of most Nigerians declined during the review period. According to the CBN, “PMI Production level, new orders, supplier delivery time, employment level and inventories growing at a slower rate in January 2018. The Manufacturing PMI in the month of January stood at 57.3 index points indicating expansion in the manu- facturing sector for the tenth consecutive month. The index however, grew at a slower rate, when compared to the previous month.”
The PMI reported that of the 16 sub-sectors, 13 reported growth in the review month in the following order: computer & electronic products; nonmetallic mineral products; cement; textile, apparel, leather & footwear; printing & related support activities; appliances & components; primary metal; petroleum & coal products; food, beverage & tobacco products; furniture & related products; paper products; fabricated metal products; plastics & rubber products.
It added however that the electrical equipment; chemical & pharmaceutical products; and transportation equipment subsectors contracted in the review month.
Meanwhile, NOI Polls which partners with Gallup USA to develop opinion research in Nigeria said it’s Quarter 4, 2017 Personal Well-being Index stood at 64.3-points
It said the survey revealed a nominal increase of 0.2point to stand at 64.3-points from 64.1-points obtained in Q3, 2017. The Personal WellBeing Index measures the satisfaction of Nigerians with respect to various aspects of lives.
It said in part: “There are seven components that make up the PWBI and they all experienced an increase except the Economic Index and the Personal Standard of Living Index which both experienced a decline when compared to the results obtained in Q3, 2017. Though the nation’s economy got out of recession in Q2, 2017 and also grew in Q3, 2017, Nigerians are yet to feel the impact of this growth in terms of their personal economy and standard of living as these were the only indicators that experienced a decline in Q4, 2017 amongst all the components that make up the PWBI. These are the key highlights from the Q4, 2017 Personal Well-being Index survey.”
GOVERNOR Ibrahim Dankwambo of Gombe State has urged President Mohammadu Buhari to deploy more resources to secure the northeast
He spoke yesterday in Jalingo, when he paid a condolence visit to the Taraba State Governor, Dairus Ishaku.
The visit followed the recent murder of a member of the state House of Assembly, Hosea Ibi, by his abductors.
The condolence was also in respect of other recent killings perpetuated by Fulani herdsmen in the state.
While commending the existing efforts to end insurgency in the area, the two governors urged President Muhammadu Buhari to do more.
“He said what happened to Taraba, happened to us in Gombe and we feel it directly.
He urged the people “to abide by all the rules and regulations that would safe guide them from any form of security threat.”
He acknowledged that the insecurity in the zone is at the peak of going down.