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The Central Bank of Nigeria (CBN) has said Manufacturing Purchasing Managers’ Index (PMI) in the month of July stood at 56.8 index points, indicating expansion in the manufacturing sector for the 16th consecutive month, 0.2 index points slower than that of the previous month.
The CBN had said its PMI stood at 57 index points in June from 56.6 index points in May.
The PMI report of CBN measures non-manufacturing and manufacturing sector.
The manufacturing sector comprises of production level, new orders, supplier delivery time, employment level and raw material inventories.
According to the apex bank PMI statistics report, “Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; printing & related support activities; paper products; electrical equipment; primary metal; furniture & related products; non-metallic mineral products; transportation equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; food, beverage & tobacco products; cement; and fabricated metal products. The Plastics & rubber products subsector declined in the review month.”
On the other hand, the composite PMI for the non-manufacturing sector stood at 57.7 points in July 2018, indicating expansion in the non‐manufacturing PMI for the fifteenth consecutive month.
“The index grew at a faster rate when compared to that in June 2018. Sixteen of the 17 subsectors recorded growth. In terms of inventory, the manufacturing sector’ inventories index grew for the sixteenth consecutive month in July 2018. At 57.4 points, the index grew at a slower rate when compared to its level in the previous month,” the report by CBN added.
