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The Central Bank of Nigeria (CBN) says manufacturing sector sustained its expansionary trend for the 18th consecutive month as its Purchasing Managers Index (PMI) in September stood at 56.2 index points, just as the non-manufacturing sector PMI stood at 56.5 points.
The PMI, released Tuesday, which indicated expansion both in the manufacturing and non-manufacturing sectors, adds: “The manufacturing PMI, however, grew at a slower rate when compared to the index in the previous month. Of the 14 sub-sectors surveyed, 10 reported growth in the review month.
“The composite PMI for the non-manufacturing sector stood at 56.5 points in September 2018, indicating expansion in the non-manufacturing PMI for the 17th consecutive month. “The index grew at a slower rate when compared to that in August 2018.”
Commenting on the report, analysts, warned that the PMI is not a consistent guide to economic performance. It states: “Earlier today, the CBN released its monthly Purchasing Managers Index report, which showed sustained expansionary trend for the 18th consecutive month in September.
Photo Caption: CBN Logo
