The Central Bank of Nigeria’s (CBN) has reported that the nation’s Manufacturing Purchasing Managers’ Index (PMI) grew to 56.8 points in October, representing the 19th consecutive month of positive traction.
The October PMI report that hoisted on the apex bank’s website indicated that when compared with the preceding month’s rate, the October manufacturing PMI index grew faster.
The report reflected that of the 14 sub-sectors surveyed, 13 recorded growth in the month under review in the following order: Electrical Equipment; Petroleum & Coal Products; Printing & Related Support Activities; Cement; Chemical & Pharmaceutical Products; Textile, Apparel, Leather & Footwear; and Furniture & Related Products.
Others are in Transportation Equipment; Plastics & Rubber Products; Food, Beverage & Tobacco Products; Fabricated Metal Products; Nonmetallic Mineral Products; and Paper Products.
However, the primary metal sub-sector recorded decline in the review month while at 58.9 points, the production level index for the manufacturing sector recorded the 20th consecutive growth in October, the month under review.
A further analysis of the manufacturing PMI indicated a faster growth in the current month, when compared to its level in the preceding month.
Overall, the CBN reported that 11 of the 14 manufacturing sub-sectors recorded production growth level, with two remaining unchanged while one declined.
In addition, at 56.8 points, the new orders index grew for the 19th consecutive month while nine sub-sectors recorded growth, two remained unchanged, while three contracted in the review month.
The report showed further that manufacturing supplier delivery time index stood at 56.4 points in October, the month in review, representing a faster supplier delivery time for the 17th consecutive month.
In the supplier delivery time index, 13 sub-sectors recorded improved suppliers’ delivery time, while one recorded unchanged delivery time
