National Wire About Nigerians, Nigerian Business and Other Stories
The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) expanded to 56.8 points in October.
The present position of the manufacturing PMI, indicated an increase for the 19th consecutive month. The CBN disclosed this in its October PMI report that was posted on its website.
The index grew at a faster rate when compared to the index in the previous month.
However, of the 14 sub-sectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; petroleum & coal products; printing & related support activities; cement; chemical & pharmaceutical products; textile, apparel, leather & footwear; furniture & related products; transportation equipment; plastics & rubber products; food, beverage & tobacco products; fabricated metal products; nonmetallic mineral products; and paper products.
But, the primary metal sub-sector declined in the review month. Also, at 58.9 points, the production level index for the manufacturing sector grew for the 20th consecutive month in October 2018. The index indicated a faster growth in the current month, when compared to its level in the preceding month. In all, 11 of the 14 manufacturing sub-sectors recorded increase in production level, two remained unchanged while one declined.
Photo Caption: CBN Building
