Nigeria’s Manufacturing Index Expands in March

Obinna Chima

The Manufacturing Purchasing Managers’ Index (PMI) in the month of March stood at 56.7 index points, the Central Bank of Nigeria (CBN) disclosed yesterday.

According to the monthly report released yesterday, the expansion indicated a growth in the manufacturing sector for the 12th consecutive month.

The index however grew at a faster rate, when compared to the index in the previous month. Of the 14 sub-sectors surveyed, 11 reported growth in the review month in the following order: electrical equipment; cement; petroleum & coal products; food, beverage & tobacco products; chemical & pharmaceutical products; fabricated metal products; paper products; transportation equipment; plastics & rubber products; textile, apparel, leather and footwear and primary metal.

The remaining three subsectors contracted in the following order: non-metallic mineral products; furniture & related products and printing & related support activities.

Also, the report stated that at 59.1 points, the production level index for the manufacturing sector grew for the 13thconsecutive month in March 2018.

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