‘Nigeria’s manufacturing index stood at 57.3 points in January’

The Manufacturing Purchasing Managers’ Index stood at 57.3 points in January 2018, indicating a decrease from the 59.3 basis points which was recorded in December 2017.

According to the latest PMI report from the Central Bank of Nigeria on Wednesday, The index, however, grew  at  a  slower  rate,  when  compared  to  that  in  the  previous month.

Of  the16 subsectors,  13 reported growth in the  review  month  in  the  following order: computer  and  electronic  products nonmetallic mineral products; cement; textile, apparel, leather and footwear.

Others are printing and related support   activities;   appliances and components; primary metal; petroleum and coal products; food, beverage and    tobacco   products; furniture and    related    products; paper products; fabricated metal products; plastics and rubber products.

On the other hand, at 59.6 points, the production level index for the manufacturing sector grew for the eleventh consecutive month. The index indicated a slower growth in the current month, when compared to its level in the preceding month. Eleven of the 16 manufacturing subsectors recorded expansion in production level, 3 remained unchanged, while the remaining 2     recorded declines in production level during the review month.

The manufacturing supplier delivery time index stood at   56.8 points in January 2018,     indicating improved supplier delivery   time   for the eighth consecutive month. Seven subsectors recorded improved suppliers’ delivery time, four remained  unchanged while five subsectors recorded delayed delivery time.

Similarly, the employment level index in January stood   at 53.3 points, indicating growth in employment level for the ninth consecutive month. Of the 16 subsector, 8 subsectors increased their  employment  level, four remained unchanged while 4 subsectors  reduced  their employment level in  the  review  month.

However, the manufacturing sector inventories index in January 2018 stood at 57.7 points indicating growth in    raw material   inventories for   the tenth consecutive month. Eleven of the 16 subsectors recorded growth, one remained unchanged while 4 subsectors   recorded   decline   in raw material inventories.

At 61.3points, the January 2018 business activity index grew for the 10th consecutive   month, indicating expansion in business activity. The   index   grew   at  a slower rate, when compared to its level in the previous month. Sixteen subsectors recorded growth in   business   activity, one sector remained unchanged, while one declined in the review month.