The Central Bank of Nigeria, CBN, disclosed yesterday that the country’s Purchasing Manager’s Index (PMI) stood at 58.5 index points in the month of January.
This indicates that the Nigerian manufacturing sector has consistently expanded over the past twenty months.
This development is in spite of the fact that the PMI grew at a slower rate in January compared to the month before, the CBN report said.
“The Manufacturing PMI in the month of January stood at 58.5 index points, indicating expansion in the manufacturing sector for the twentysecond consecutive month. The index grew at a slower rate when compared to the index in the previous month.” – CBN
The CBN said fourteen sub-sectors were surveyed for the PMI report, all of which indicated growth. Some of these sub-sectors include petroleum to pharmaceutical products, fabricated metal products, electrical equipment, food, beverages, textile, plastics & rubber, and more.
Similarly, while the manufacturing sector’s production level index grew for the twenty-third consecutive month to 59.3 points in January, it was said to have grown at a slower pace compared to the preceding month.
However, the production level in twelve out of the fourteen manufacturing sub-sectors that were surveyed increased, while only two remained unchanged.
Moving on, the new orders index also grew to 58.9 index points in January, marking its twenty second month of consistent growth. While eleven sub-sectors grew, two remained unchanged while one contracted.
Meanwhile, the CBN said the manufacturing supplier delivery time was slower in January. The index stood at 58.3 points.
Also in the same vein, the manufacturing sector’s inventories index grew at a slower pace to 59.9 index points, the CBN said.
“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. Twelve of the 14 sub-sectors recorded growth, 1 recorded unchanged, while 1 reported declined raw material inventories in the review month.”