Manufacturers in the country expressed renewed optimism in this month’s purchasing managers index carried out by the Central Bank of Nigeria (CBN)
The Manufacturing PMI in the month of December stood at 61.1 index points, indicating expansion in the manufacturing sector for the twenty-first consecutive month. The index grew at a faster rate when compared to the 57.9 mark reached in November, and in essence, is ending the year on a high.
Production level, new orders, supplier delivery time, employment level and inventories grew at a faster rate in December 2018.
Thirteen of the 14 subsectors surveyed reported growth in the review month, The primary metal subsector, however, declined in the review period.
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.
The composite PMI for the non-manufacturing sector stood at 62.3 points in December 2018, indicating expansion in the Nonmanufacturing PMI for the twentieth consecutive month.
The index grew at a faster rate when compared to that in November 2018. All the 17 surveyed subsectors recorded growth.