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Business News

Nigeria’s PMI remains positive for the 24th consecutive month

However, the business activity index grew at a slower rate 57.8 points for the twenty-fourth consecutive, indicating contraction in non-manufacturing sector.

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The latest manufacturing Purchasing Managers’ Index (PMI) covering the month of March 2019, indicates that Nigeria’s manufacturing sector expanded for the 24th consecutive month.

This is reflected in the PMI Survey Report released by Central Bank of Nigeria (CBN).

Just as in previous months, the manufacturing PMI for March 2019 stood at 57.4 index point, well above the 50-point threshold that separates expansion from contraction in business conditions. This indicates robust growth in the private sector.

Basic PMI Highlights 

  • The Manufacturing sector shows expansion as PMI in the month of March stood at 57.4 index points
  • The Non-manufacturing Sector also expanded with the composite PMI at 58.5 points in March 2019
  • The production level index for the manufacturing sector grew faster and witnessed sustained growth for the 25th consecutive month in March 2019.
  • Business activity for the non-manufacturing sector contracted with the index growing slowly for the 24th consecutive month

Manufacturing PMI grew for the 24th consecutive month

The Manufacturing PMI in the month of March stood at 57.4 index points, indicating expansion in the manufacturing sector for the 24th consecutive month. The index grew at a faster rate when compared to the index in the previous month.

Growing sub-sectors

Out of the 14 sub-sectors surveyed in the review month, 11 sub-sectors witnessed growth in the following order: cement; food, beverage & tobacco products; fabricated metal products; furniture & related products and paper products.

Also, chemical & pharmaceutical products; plastics & rubber products; electrical equipment; printing & related support activities; transportation equipment and nonmetallic mineral products all recorded growth in the review period.

Declining Sub-sectors

The Textile, apparel, leather & footwear; Petroleum & coal products and primary metal sub-sectors recorded decline in the review period.

Some breakdown of Manufacturing PMI

Production Level index for the manufacturing sector grew at 58.3 points for the twenty-fifth consecutive month in March 2019. The index indicated a faster growth in the current month when compared to its level in the month of February 2019.

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New Orders for the review period recorded 56.7 points index, growth for the twenty-fourth consecutive month, indicating an increase in new orders in March 2019.

The manufacturing supplier delivery time index stood at 58.4 points in March 2019, indicating faster supplier delivery time. The index has recorded growth for twenty-second consecutive months.

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Employment Level index for March 2019 stood at 56.9 points, indicating growth in employment level for the twenty-third consecutive month.

Raw material Inventories index for the Manufacturing sector grew for the twenty-fourth consecutive month in March 2019. At 57.1 points, the index grew at a faster rate when compared to its level in February 2019.

Non-Manufacturing PMI up for the 23rd consecutive month

The composite PMI for the non-manufacturing sector stood at 58.5 points in March 2019, indicating expansion in the Non-manufacturing PMI for the 23rd consecutive month. The index grew at a faster rate when compared to that in February 2019.

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Growing Sectors 

Out of the 17 surveyed subsectors, 14 sectors recorded growth in the following order: utilities; health care & social assistance; agriculture; information & communication; real estate, rental & leasing; repair, maintenance/washing of motor vehicles; construction. Also, educational services; wholesale trade; finance & insurance; electricity, gas, steam & air conditioning supply; professional, scientific, & technical services; accommodation & food services and water supply and sewage & waste management all recorded growth.

Transport Subsector remain unchanged while others decline

The Non-manufacturing PMI shows that transportation & warehousing remained unchanged while management of companies and arts, entertainment & recreation declined for the period under review.

Some Breakdown of Non-Manufacturing PMI

Business Activity index grew 57.8 points for the twenty-fourth consecutive month at a slower rate, indicating contraction in non-manufacturing business activity in March 2019.

New orders index grew at 58.9 points for the twenty-fourth consecutive month in March 2019.

The employment level Index for the non-manufacturing sector stood at 59.5 points, indicating growth in employment for the twenty-third consecutive month.

At 59.5 points, non-manufacturing inventory index grew for the twenty-third consecutive month, indicating growth in inventories in the review period.

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Nigerian economy on the growth path

Just yesterday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) announced a surprise cut in the monetary policy rate (PMR) from 14% to 13.5%. The surprise cut by the CBN has been greeted by investors as a welcome move.

However, analysts opined that the cut in MPR may not create much stimulus on the economy. According to the CBN, the economy is recovering and on the growth path.

In the communique read by the CBN Governor, Mr. Emefiele, it stated

“The Committee welcomed the continued positive sentiments in the Manufacturing and Non-Manufacturing Purchasing Managers’ Indices (PMIs) for the 24th and 23rdconsecutive months in March 2019.

“The increase in both measures of PMI was driven by increases in production, employment, raw material inventories and new orders.”

The MPC reiterated the improved outlook on Nigeria economy was attributable to the continued stability in the foreign exchange market, various interventions by the Bank in the real sector and the effective implementation of the Economic Recovery and Growth Plan (ERGP) by the Federal Government.

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Business News

FG to distribute 10 million LPG gas cylinders in 1 year

The FG is set to inject up to 10 million gas cylinders into the market to help improve safety and deepen cooking gas utilization.

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The Federal Government has announced plans to inject 5 to 10 million Liquefied Petroleum Gas (LPG) cylinders into the market in the next one year.

This is to help improve safety and deepen LPG (otherwise known as cooking gas) utilization across the country.

This disclosure was made by the Programme Manager, National LPG Expansion Implementation Plan, Mr Dayo Adeshina, at a sensitisation workshop on LPG Adoption and Implementation for Industry Stakeholders, on Wednesday in Lagos.

According to a report from the News Agency of Nigeria (NAN), Adeshina said the National LPG Expansion Implementation Plan, domiciled in the Office of the Vice President, was committed to achieving Nigeria’s target of 5 million Metric Tonnes of LPG consumption annually by 2027.

What the Programme Manager for LPG Expansion Implementation Plan is saying

Adeshina said, “The Federal Government is working towards injecting five to 10 million cooking gas cylinders into the market within the next one year. We are starting the cylinder injection under the first phase in 11 pilot states and FCT, with two states from each of the geopolitical zones.

The states are Lagos, Ogun, Bauchi, Gombe, Katsina, Sokoto, Delta, Bayelsa, Ebonyi, Enugu, Niger and the Federal Capital Territory. The cylinders will be injected through the marketers. The marketers will be responsible for the cylinders and the exchange will take place in homes and not in filling stations.

What this means is that going forward, cylinders will not be owned by individuals but by the marketers who will ensure that they are safe for usage.’

Adeshina pointed out that apart from household consumption, the government was trying to increase LPG usage in agriculture, transportation and manufacturing adding that this will enable the country to reduce CO2 emission by about 20% and create millions of jobs for Nigerians.

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He said that the government had also granted waivers on importation of LPG equipment and removed Value Added Tax (VAT) on LPG in addition to investment in infrastructure.

The President of the Nigerian Liquefied Petroleum Gas Association, Mr Nuhu Yakubu, said efforts should be made to ensure the availability, accessibility and affordability of cooking gas in the country adding that this would encourage more Nigerians to embrace gas usage in their homes with the attendant benefits to the country.

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Mr Olalere Odusote, Lagos State Commissioner for Energy and Mineral Resources, said the population of Lagos makes it imperative for residents to adopt cleaner energy sources for cooking, transportation and power generation adding that the government was targeting the conversion of 45% of about 4 million vehicles in the state to autogas over a four-year period in partnership with marketers.

What you should know

  • It can be recalled that the Federal Government had in November 2020, announced plans for the conversion of cars to autogas in a bid to have cheaper and cleaner energy especially with the high cost of petrol.
  • The government at different levels are pursuing cleaner energy sources for cooking, transportation and power generation.

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Business

JAMB bans use of email by candidates for UTME, DE registration

JAMB has announced that candidates for the UTME and Direct Entry will no longer be required to provide their email addresses at the point of registration.

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The Joint Admission and Matriculation Board (JAMB) has announced that candidates for the Unified Tertiary Matriculation Examination (UTME) and Direct Entry will no longer be required to provide their email addresses at the point of registration.

The new adjustment is to protect candidates from various forms of manipulation and distortion of their personal details by some fraudulent cyber café operators.

The Registrar of JAMB, Prof. Is-haq Oloyede, who made the disclosure while addressing newsmen at the board’s headquarters on Wednesday in Bwari, Abuja, said the change, would take effect from Thursday, April 15, 2021.

What the JAMB Registrar is saying

Oloyede said, “They gain access to profiles of these candidates under the pretense of creating an email address for them. Then they change and block the candidates from receiving messages from the board. They also extort them after they change their passwords.

In view of this, the board has come up with adjustments to our operations. The first decision is that beginning from Thursday, April 15, candidates would no longer be required to provide any email address during registration from this year onwards.

It is by going to these cyber cafes to open emails that these candidates are open to abuse and stealing of their personal data,’’ he said.

He said that the board now had a mobile app that would allow candidates to deal directly with the board with their smartphones or via SMS to ‘55019’ code option.

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The code option, he explained, would allow candidates to check admission status as well as all other verifications via SMS.

He said, “Printing of examination slips, results notification or raising tickets can be done anywhere by using candidates’ registration number only. However, at the close of registration every year, we would need the email addresses of the candidates so we can have access to as many of them as possible.

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At the conclusion of registration, candidates are expected to send their email addresses through the mobile app or text message to the 55019 code twice, for validation. This is to update their profile with JAMB as the email will no longer be used as access to their profile, but rather as a communication tool with candidates.’

While advising candidates to guard their phones with utmost care as it was the weapon for all transactions, Oloyede said that henceforth, all JAMB owned Computer-Based Tests (CBT) centres across the country, would only allow candidates with ATM cards into its centres.

He said that in order to cut down on the activities of fraudsters who hijack candidates to extort money from them, the centres would no longer allow candidates go outside the centres to pay for their e-pins and other cash transactions.

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The JAMB Registrar said, “Only candidates with ATM cards will be allowed into all JAMB owned CBT centres, it can be that of their parents as long as they have the pin for the transaction.

“Those without ATM cards can go to other privately owned CBT centres where they can pay cash to register but we will not take cash or transact outside our centres.’’

What you should know

Meanwhile, in a related development, JAMB had said that the board lost over N10 million in 2020 to activities of fraudsters who penetrated their payment portal for ad-hoc staff.

The JAMB Registrar said that the money, which was meant to pay JAMB ad-hoc staff from the 2020 Unified Tertiary Matriculation Examination (UTME), was hijacked by the suspected fraudsters.

JAMB had a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.

It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.

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