By Ngozi Amuche
Latest Central Bank of Nigeria (CBN) report shows that the Purchasing Managers Index (PMI) stood at 57.6 index points in July, indicating an expansion in the manufacturing sector for the 28th consecutive month.
According to the apex bank, the index grew at a faster rate when compared to the previous month. Among the 14 sub-sectors surveyed, 13 reported growth in the review month in petroleum and coal products; transportation equipment; cement; printing & related support activities; paper products; food, beverage & tobacco products; furniture & related products among others.
At 58.9 points, the production level index for the manufacturing sector grew for the twenty-ninth consecutive month in July 2019. The index indicated a slower growth in the current month, when compared to its level in the month of June 2019. Twelve of the 14 manufacturing sub-sectors recorded increased production level, while two recorded decline.
At 57.2 points, the new orders index grew for the 28th consecutive month, indicating increase in new orders in July 2019. Eleven sub-sectors reported growth, 1 remained unchanged, while 2 contracted in the review month.
The manufacturing supplier delivery time index stood at 57.5 points in July 2019, indicating faster supplier delivery time. The index has recorded growth for twenty-six consecutive months. Ten of the 14 sub-sectors recorded improved suppliers’ delivery time, while one remained unchanged and three recorded decline in the review period.
The employment level index for July 2019 stood at 57.3 points, indicating growth in employment level for the twenty-seventh consecutive month. Of the 14 sub-sectors, 10 reported increased employment level, one reported unchanged employment level while 3 reported decreased employment in the review month.
The July 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period July 8-12, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory. The Bank makes no representation regarding the individual companies, other than the information they have provided. The data contained herein further provides input for policy decisions.
