Central Bank of Nigeria’s latest PMI indicates expansion in the manufacturing sector

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In December 2018, the Central Bank of Nigeria’s Manufacturing Purchasing Managers’ Index (PMI) stood at 61.1 index points. This indicates an expansion in the manufacturing sector for the twenty-first consecutive month. The index increased at a faster rate when compared to the previous month.

Out of the 14 sub-sectors surveyed, 13 reported growth in the following order: transportation equipment; furniture & related products; printing & related support activities; textile, apparel, leather & footwear; plastics & rubber products; chemical & pharmaceutical products; food, beverage & tobacco products; non-metallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum & coal products.

On the downside, the primary metal sub sector recorded decline in the period reviewed. However, the the composite PMI for the non-manufacturing sector stood at 62.3 points in December 2018, indicating expansion in the non-manufacturing PMI for the twentieth consecutive month.

For non-manufacturing, the PMI Report states that the index grew at a faster rate when compared to that in November 2018.

In the case of non-manufacturing, all the 17 surveyed sub-sectors recorded growth in the following order: repair, maintenance/washing of motor vehicles; information & communication; water supply, sewage & waste management; wholesale/retail trade; professional, scientific, & technical services; accommodation & food services; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; utilities; finance & insurance; agriculture; transportation & warehousing; educational services; construction; real estate rental & leasing; management of companies; health care & social assistance.

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