Manufacturing

The Central Bank of Nigeria said the country’ s manufacturing sector grew at a slower rate in May. According to the May edition of the CBN’s Purchasing Managers’ Index report, the manufacturing sector has been increasing for 14 consecutive months. “The Manufacturing PMI in May stood at 56.5 index points, indicating expansion in the manufacturing sector for the 14 th consecutive month. The index, however, grew at as lower rate when compared to the index in the previous month ,” it said. The report showed that the Manufacturing PM I stood at 56.9 index points in April. The CBN said the PMI survey, which was conducted by its statistics department, had respondents from the purchasing and supply executives of manufacturing and non-manufacturing organisations in 31 locations in Nigeria.