The Central Bank of Nigeria, CBN, has put the nation’s Manufacturing Purchasing Managers’ Index (PMI) as at the end of March at 56.7 index points.
The latest report reflected that the index rose for the 12th consecutive months and proved that business activities continued to increase in the nation’s economy.
A month-on-month comparative analysis showed that in February, the PMI closed at 56.3 index points, down from 57.3 index points recorded in the preceding month.
The PMI report states: “The Manufacturing PMI in the month of March stood at 56.7 index points, indicating expansion 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 subsectors surveyed, 11 reported growth in the review month in the following order: electrical equipment; cement; petroleum and coal products; food, beverage & tobacco products; chemical and pharmaceutical products; fabricated metal products; paper products; transportation equipment; plastics and rubber products; textile, apparel, leather and footwear and primary metal.
“The remaining three subsectors contracted in the following order: nonmetallic mineral products; furniture and related products and printing and related support activities.
“At 59.1 points, the production level index for the manufacturing sector grew for the thirteenth consecutive month in March 2018. The index indicated a faster growth in the current month, when compared to its level in the preceding month.
“Seven of the 14 manufacturing subsectors recorded increase in production level, three remained unchanged, while the remaining four recorded declines in production level during the review month.
“At 56.1 points, the new orders index grew for the 12th consecutive month, indicating increase in new orders in March 2018. Six subsectors reported growth, five remained unchanged while three contracted in the review month”, the CBN stated.
The report also showed that the manufacturing supplier delivery time index stood at 56.6 points in March 2018, indicating faster supplier delivery time for the 10th consecutive month.
Similarly, the manufacturing supplier delivery trend showed that 10 sub-sectors recorded improved suppliers’ delivery time with one remaining unchanged while three subsectors recorded delayed delivery time.
A further analysis reflected that the employment level index in March 2018 stood at 53.3 points, reflecting a growth in employment level for the 10th consecutive month.
According to the report, of the 14 employment subsectors, seven subsectors increased their employment level, two remained unchanged while five reduced their employment level in the month under review.
At 59.4 points, the report also showed that the manufacturing sector inventories index grew for the 12th consecutive month in March and at a faster rate when compared to its level in the previous month. Nine of the 14 subsectors recorded growth, two remained unchanged while three recorded decline in raw material inventories.
The Manufacturing PMI is measured by the use of non-manufacturing and manufacturing indices comprising, production level, new orders, supplier delivery time, employment level and raw material inventories.