Nigeria manufacturing PMI rises in November
transactions totalling N1.10 trillion ($3.6 billion) in 2017 compared to the figures for the much smaller economies of Ghana and Kenya last year, which were $36 billion and $45 billion respectively.
“High transaction costs are a disincentive in Nigeria generally but the regulatory model is also a barrier: it is bank-led whereas that in both Ghana and Kenya is telcoled. Changes are afoot however, and the CBN has issued a circular on the regulations for new payment service banks,” the report further said.
It notes that two mobile operators have indicated that they plan to set up subsidiary companies to apply for the necessary licenses next year. It described this development as positive considering the fact that the very rapid expansion of the industry in Kenya has spawned a number of initiatives with a strong developmental angle such as the provision of low-cost solar power to off-grid communities in rural areas.
“This last area has become the darling of the private equity industry, DFIs and also philanthropists. One innovation was the sale in May 2017 of a government bond restricted to subscription by mobile, the first in Africa and, we think, globally,” they said.
NIGERIA’S MANU FACTURING sector recorded yet another expansion in November 2018 as the the manufacturing PMI in the month stood at 57.9 index points, indicating expansion in the manufacturing sector for the twentieth consecutive month. The index grew at a faster rate when compared to the index in the previous month.
According to a price index survey conducted by the Statistics department of the Central Bank of Nigeria, all the 14 subsectors surveyed reported growth in the review month in the following order: electrical equipment; furniture & related products; cement; food, beverage & tobacco products; paper products; transportation equipment; plastics & rubber products; chemical & pharmaceutical products; printing & related support activities; petroleum & coal products; fabricated metal products; non-metallic minTHERE eral products; textile, apparel, leather & footwear; and primary metal.
At 59.9 points, the production level index for the manufacturing sector grew for the twenty-first consecutive month in November 2018. The index indicated a faster growth in the current month, when compared to its level in the preceding month. Thirteen of the 14 manufacturing subsectors recorded increase in production level, while 1 remained unchanged . At 58.1 points, the new orders index grew for the twentieth consecutive month, indicating increase in new orders in November 2018. Eleven subsectors reported growth, 1 remained unchanged, while 2 contracted in the review month.
The manufacturing supplier delivery time index stood at 56.9 points in November 2018, indicating faster supplier delivery time for the eighteenth consecutive month. Twelve subsectors recorded improved suppliers’ delivery time, while 1 remained unchanged delivery times and 1 recorded worsening delivery time.