The Central Bank of Nigeria, on Friday, said that the country’s Purchasing Managers Index stood at 58.5 index points in the month of
January.
This indicates that the Nigerian manufacturing sector has consistently expanded over the past 20 months.
According to the CBN, this development is in spite of the fact that the PMI grew at a slower rate in January, compared to the previous
month.
“The Manufacturing PMI in the month of January stood at 58.5 index points, indicating expansion in the manufacturing sector for the 22nd consecutive month. The index grew at a slower rate when compared to the index in the previous month,” the CBN said.
The apex bank added that 14 sub-sectors were surveyed for the PMI report, all of which indicated growth. Some of these sub-sectors include petroleum to pharmaceutical products, fabricated metal products, electrical equipment, food, beverages, textile, plastics and rubber, among others.
Similarly, while the manufacturing sector’s production level index grew for the 23rd consecutive month to 59.3 points in January, it was said to have grown at a slower pace compared to the preceding month.
However, the production level in 12 out of the 14 manufacturing sub-sectors that were surveyed increased, while only two remained unchanged.
Moving on, the new orders index also grew to 58.9 index points in January, marking its 22nd month of consistent growth. While 11 sub-sectors grew, two remained unchanged while one contracted.
Meanwhile, the CBN said the manufacturing supplier delivery time was slower in January. The index stood at 58.3 points. In the same vein, the manufacturing sector’s inventories index grew at a slower pace to 59.9 index point.
“The Manufacturing sector inventories index grew for the 22nd consecutive month in January 2019. At 59.9 points, the
index grew at a slower rate when compared to its level in December 2018. Twelve of the 14 sub-sectors recorded growth; one was unchanged; while one reported a decline in raw material inventories in the review
month.
Also the composite PMI for the non-manufacturing sector stood at 60.1 points in January 2019, indicating expansion in the non-manufacturing PMI for the 21st consecutive month. The index grew at a slower rate when compared to its level in December 2018. Of the 17 surveyed
subsectors, 16 recorded growth in the following order: utilities: repair, maintenance/washing of motor vehicles; professional, scientific and technical services; educational services; arts, entertainment.
