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The Central Bank of Nigeria’s manufacturing Purchasing Managers’ Index hit 56.3 index points in February, the CBN’s PMI survey report showed on Wednesday.
The manufacturing PMI had hit 57.3 index points in January.
The CBN stated that the 56.3 index points indicated expansion in the manufacturing sector for the 11th consecutive months. The PMI index however grew at a slower rate, when compared to that in the previous month, the regulator said. The CBN uses production level, new orders, supplier delivery time, employment level and raw material inventories to measure the PMI every month.
The report read in part, “Of the 15 subsectors surveyed, 10 reported growth in the review month in the following order: Plastics rubber products; textile, apparel, leather & footwear; appliances components; paper products; primary metal; petroleum & coal products; chemical & pharmaceutical products; food, beverage & tobacco products; electrical equipment and furniture & related products.
Photo Caption: CBN LOGO
