The Central Bank of Nigeria (CBN) has reported that the nation’s manufacturers continued to expand their output for the 24th consecutive month with the Manufacturing Purchasing Managers’ Index (PMI) standing at 57.1 index points.
However, the month’s PMI growth was slower when compared with the 58.5 index points recorded in the preceding month.
According to the apex bank’s latest report, 13 out of the 14 sub-sectors assessed reported growth in the month reviewed. These include, petroleum and coal products, electrical equipment, transportation equipment; plastics and rubber products, food, beverage and tobacco products.
Others are textile, apparel, leather and footwear, nonmetallic mineral products, chemical and pharmaceutical products, furniture and related products, printing and related support activities, cement, fabricated metal products, and paper products.
The report, however, indicated that the primary metal sub-sector declined in the period reviewed even as nine of the 14 manufacturing sub-sectors recorded increased production level, three remained unchanged while two recorded decline.
The CBN reported further said that the manufacturing supplier delivery time index stood at 58.2 points in the period under review, indicating slower supplier delivery time but a growth for the 21 consecutive months.
The apex bank stated further that all 14 sub-sectors recorded improved suppliers’ delivery time in the review period while the employment level index for February stood at 56.3 points, indicating growth in employment level for the 22 consecutive months.
Out of the 14 sub-sectors, the report reflected that eight reported increased employment level, five reported unchanged employment level, while one reported decreased employment in the period under review.
The Purchasing Managers’ Index (PMI) is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.
