The Central Bank has released the Manufacturing Purchasing Managers’ Index (PMI) for the month of March which stood at 56.7 index points.
The expansion indicated a growth in the manufacturing sector for the 12th consecutive month. The index however grew at a faster rate, when compared to the index in the previous month.
A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting.
Of the 14 sub-sectors surveyed, 11 reported growth in the review month in the following order:
- Electrical equipment.
- Cement
- Petroleum & coal products
- Food, beverage & tobacco products.
- Chemical & Pharmaceutical products.
- Fabricated metal products.
- Paper products
- Transportation equipment.
- Plastics & rubber products.
- Textile, apparel, leather and footwear and primary metal.
The remaining three sub-sectors contracted in the following order:
- Non-metallic mineral products.
- Furniture & related products.
- Printing & related support activities.
At 59.1 points, the production level index for the manufacturing sector grew for the thirteenth consecutive month in March 2018.
The index indicated a faster growth in the current month, when compared to its level in the preceding month.
The employment level index in March 2018 stood at 53.3 points, indicating growth in employment level for the tenth consecutive month.
The Manufacturing sector inventories index grew for the twelfth consecutive month in March 2018. At 59.4 points, the index grew at a faster rate when compared to its level in the previous month.
The manufacturing supplier delivery time index stood at 56.6 points in March 2018, indicating faster supplier delivery time for the tenth consecutive month.
 in the month of March stood at 56.7 index points, the Central Bank of Nigeria (CBN){kind=link}