Nigeria’s Manufacturing Index Expands in 19th Consecutive Month
The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) expanded to 56.8 points in October.
The present position of the manufacturing PMI, indicated an increase for the 19th consecutive month.
The CBN disclosed this in its October PMI report that was posted on its website.
The index grew at a faster rate when compared to the index in the previous month.
However, of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; petroleum & coal products; printing & related support activities; cement; chemical & pharmaceutical products; textile, apparel, leather & footwear; furniture & related products; transportation equipment; plastics & rubber products; food, beverage & tobacco products; fabricated metal products; nonmetallic mineral products; and paper products.
But, the primary metal subsector declined in the review month. Also, at 58.9 points, the production level index for the manufacturing sector grew for the 20th consecutive month in October 2018.
The index indicated a faster growth in the current month, when compared to its level in the preceding month.
In all, 11 of the 14 manu- facturing sub-sectors recorded increase in production level, two remained unchanged while one declined.
In the same vein, at 56.8 points, the new orders index grew for the 19th consecutive month, indicating an increase in new orders in October.
Nine sub-sectors reported growth, two remained unchanged, while three contracted in the review month.
The manufacturing supplier delivery time index stood at 56.4 points in October 2018, indicating faster supplier delivery time for the seventeenth consecutive month.
Thirteen sub-sectors recorded improved suppliers’ delivery time, while one reported unchanged delivery time.