Manufacturing Index Expands for 15th Consecutive Month

CBN intervenes with fresh $318.73m

The Manufacturing Purchasing Managers’ Index (PMI) for June stood at 57.0 index points, indicating expansion in the manufacturing sector for the 15th consecutive month.

The Central Bank of Nigeria (CBN) revealed this in its PMI report for June that was posted on its website at the weekend.

The report showed that the index however grew at a faster rate when compared to the index in the previous month.

Of the 14 sub-sectors surveyed, 10 reported growth in the review month in the following order: paper products; furniture and related products; printing and related support activities; food, beverage and tobacco products; plastics and rubber products; electrical equipment; textile, apparel, leather and footwear; chemical and pharmaceutical products; petroleum and coal products and non-metallic mineral products.

On the other hand, the transportation equipment; fabricated metal products; primary metal; and cement subsectors declined in the review month.

Similarly, at 59.2 points, the production level index for the manufacturing sector grew for the 16th consecutive month in June 2018.

The index indicated a faster growth in the current month, when compared to its level in the preceding month.

In all, 10 of the 14 manufacturing sub-sectors recorded increase in production level, one remained unchanged, while the remaining three recorded declines in production level during the review month.

Also, at 56.2 points, the new orders index grew for the fifteenth consecutive month, indicating increase in new orders in June 2018. Eight sub-sectors reported growth, two remained unchanged while four contracted in the review month.

“The manufacturing supplier delivery time index stood at 56.5 points in June 2018, indicating slower supplier delivery time for the thirteenth consecutive month.

“Eight sub-sectors recorded improved suppliers’ delivery time, while six remained unchanged. The employment level index in June 2018 stood at 55.4 points, indicating growth in employment level for the 14th consecutive month.

“Of the 14 sub-sectors, seven reported increased employment level, four remained unchanged while three reported reduced employment level in the review month,” it showed.

In the same vein, the manufacturing sector inventories index grew for the 15th consecutive month in June 2018.

At 57.7 points, the index grew at a slower rate when compared to its level in the previous month. Eleven of the 14 sub-sectors recorded growth, two remained unchanged while one recorded decline in raw material inventories.

“The composite PMI for the non-manufacturing sector stood at 57.5 points in June 2018, indicating expansion in the non-manufacturing PMI for