Nigeria’s manufacturing sector records growth for the 22nd consecutive month

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In January 2019, the Manufacturing Purchasing Managers’ Index (PMI) stood at 58.5 index points, indicating an expansion in Nigeria’s manufacturing sector for the 22nd consecutive month.

The report for January showed that the index grew at a slower rate when compared to the index in the previous month.

The 14 sub-sectors surveyed reported growth in January in the following order: petroleum & coal products; chemical & pharmaceutical products; primary metal; paper products; cement; furniture & related products; printing & related support activities; fabricated metal products; electrical equipment; food, beverage & tobacco products; nonmetallic mineral products; textile, apparel, leather & footwear; plastics & rubber products; and transportation equipment.

The production level index for the manufacturing sector, which was 59.3 points, grew for the 23rd consecutive month in January 2019. The index indicated a slower growth in January, when compared to its level in the preceding month. Twelve of the 14 manufacturing sub-sectors recorded increased production level, while 2 remained unchanged.

Indicating increase in new orders in January 2019, the new orders index, which stood at 58.9 points, grew for the 22nd consecutive month. Eleven sub-sectors reported growth, two remained unchanged, while one contracted in the review month.

According to the report, “the manufacturing supplier delivery time index stood at 58.3 points in January 2019, indicating slower supplier delivery time. The employment level index in January 2019 stood at 56.4 points, indicating growth in employment level for the twenty-first consecutive month. Of the 14 subsectors, eight reported increased employment level, 5 reported unchanged employment level while 1 reported decreased employment in the review month”.

It was also highlighted that “the manufacturing sector inventories index grew for the twenty-second consecutive month in January 2019. At 59.9 points, the index grew at a slower rate when compared to its level in December 2018”.

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