The nation’s Manufacturing Purchasing Managers’ Index (PMI) rose to 57.0 in June, improving from 56.5 index points in the preceding month, indicating monetary and other measures’ positively impact on the real sector of the economy
According to the latest PMI report by the Central Bank of Nigeria (CBN), the index grew at a faster rate when compared with the growth trend in the previous month.
The report showed that of the 14 subsectors surveyed, 10 reflected positive growth index during the month in review. These are in the order of performance, paper products; furniture & related products; printing & related support activities; food, beverage & tobacco products; plastics & rubber products; electrical equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; petroleum & coal products and non-metallic mineral products.
However, the transportation equipment; fabricated metal products; primary metal; and cement subsectors declined in performance during the month in review when compared with their performance in May this year.
The report also showed that the inventories index of the manufacturing grew for the 15th consecutive month in June.
A further analysis of the report indicated that at 57.7 points, the index grew at a slower rate when compared to its level in the preceding month. This is just as 11 of the 14 subsectors recorded growth, 2 remained unchanged while 1 recorded decline in raw material inventories
At 59.2 points, the production level index for the manufacturing sector grew for the 16th consecutive month in the month in review, indicating a faster growth when compared to its level of growth in the preceding month.
Similarly, 10 of the 14 manufacturing subsectors recorded increase in production level, 1 remained unchanged, while the remaining 3 recorded declines in production level during the review month
The composite PMI for the non-manufacturing sector rose to 57.5 points in June, reflecting an expansion in the Nonmanufacturing PMI for the 14th consecutive month. The index grew at a faster rate when compared to that in May 2018.
Also at 58.5 points, non-manufacturing inventory index recorded growth for the 14th consecutive month, indicating growth in inventories in the review period.
The report showed further that the manufacturing supplier delivery time index stood at 56.5 points in June 2018, reflecting a slower supplier delivery time for the 13th consecutive month.
