National Wire About Nigerians, Nigerian Business and Other Stories
The Manufacturing Purchasing Managers’ Index (PMI) stood at 52.5 index points in May 2017, indicating expansion in the manufacturing sector for the second consecutive month.
According to the PMI report for May released by the Central Bank of Nigeria (CBN) Thursday, 10 of the 16 sub-sectors reported growth in the review month in the following order: primary metal; petroleum & coal products; plastics & rubber products; paper products; electrical equipment; appliances & components; textile, apparel, leather & footwear; cement; food, beverage & tobacco products and chemical & pharmaceutical products.
The remaining six sub-sectors declined in the order: transportation equipment; nonmetallic mineral products; fabricated metal products; printing & related support activities; furniture & related products and computer & electronic products.
Furthermore, the report showed that the production level index for manufacturing sector expanded for the third consecutive month in May 2017. The index at 58.7 points indicated an increase in production at a faster rate, when compared to the 58.5 points in the previous month.
