Survey Shows Expansion in Manufacturing Sector
Nigeria’s Purchasing Managers’ Index (PMI) has shown that activities in the manufacturing sector recorded an increase in February 2015, compared with January 2015.
The PMI survey for February 2015 conducted by the Central Bank of Nigeria (CBN), was carried out between 23rd and 27th February, 2015. It covered a total sample size of 1,372.
According to the report, manufacturing expanded in the month of February as the PMI registered 53 per cent, an increase of 2.8 points from the 50.2 points in the previous month.
This indicated a growth in the manufacturing sector for the second consecutive month.
The report stated that of the 16 manufacturing industries surveyed, 12 reported growth in February in the following order: primary metal; appliances and components; electrical equipment; food, beverage and tobacco products; transportation equipment; fabricated metal products; plastic and rubber products; furniture and related products; textile, apparel, leather and footwear; cement; petroleum and coal products and chemical and pharmaceutical products.
The remaining four industries, according to the survey, reported contraction in the review month in the following order: paper product; printing related support activities; non-metallic mineral products and computer electrical product.
Furthermore, the report revealed that the Production Index registered 57.4 per cent in February 2015, also indicating growth in production for the sixth consecutive month.
“The production index for February increased more than what was obtained in January 2015.
Thirteen industries reported growth in production during the review month. These industries were: primary metal; electrical equipment; appliances and components; food, beverage & tobacco products; transportation equipment; cement; petroleum & coal products; furniture & related products; textile, apparel, leather and footwear; fabricated metal products, chemical & pharmaceutical products, computer & electronic products and plastic & rubber products.
“The remaining three industries reported contraction in printing & related support activities; non-metallic mineral products and paper product,” it stated.
But, the delivery performance of suppliers to manufacturing organisations declined in February as the Supplier Deliveries Index stood at 43.8 percent, for the first month. The index indicated a decrease of 7.5 points when compared with the level attained in January. The four industries that reported faster supplier deliveries were: plastics and rubber product; appliances and components; printing & related support activities and paper products, while nonmetallic mineral products reported same supplier’s delivery.