Nigeria’s Manufacturing Index Expands for Eighth Consecutive Month
The Manufacturing Purchasing Managers’ Index (PMI) increased to 55.9 index points in November, indicating an expansion in the manufacturing sector for the eight consecutive months. According to the PMI for November posted on the Central Bank of Nigeria’s (CBN) website yesterday, 12 of the 16 sub-sectors reported growth in the review month in the following order: petroleum and coal products; printing and related support activities; computer and electronic products; textile, apparel, leather and footwear; plastics and rubber products; food, beverage and tobacco products; non-metallic mineral products; chemical and pharmaceutical products; furniture and related products; paper products; cement and primary metal. However, the electrical equipment sector remained unchanged, while the appliances and components; fabricated metal products and transportation equipment sectors contracted in the review month. Also, the report showed that at 59.3 points, the production level index for the manufacturing sector grew for the eighth consecutive month in November 2017
In addition, the index indicated an increase in production in the current month, when compared to its level in the preceding month. In all, 10 of the 16 manufacturing subsectors recorded increase in production level, four remained unchanged, while the remaining two recorded declines in production during the review month. The report added: “At 54.3 points, the new orders index grew for the eighth consecutive month. Nine sub-sectors reported growth, three remained unchanged while four contracted in the review month.
“The manufacturing supplier delivery time index stood at 56 points in November 2017, indicating faster supplier delivery time for the sixth consecutive month. “Eleven sub-sectors recorded improved suppliers’ delivery time, four remained unchanged while one sub-sector recorded delayed delivery time.” Also, the employment level index in November 2017 stood at 53.7 points, indicating growth in employment level for the seventh consecutive month.
According to the report, of the 16 sub-sectors, eight recorded growth, three remained unchanged while five sub-sectors reduced their employment level in the review month.
It also showed that the manufacturing sector inventories index grew for the eight consecutive months in November 2017, stating that at 57.1 points, the index grew at a faster rate when compared to its level in October 2017.