The Manufacturing Purchasing Managers’ Index (PMI) sustained its upswing in March as it increased to 57.4 index points.
This current position of the PMI represented an expansion in the manufacturing sector for the 24th consecutive month.
The Central Bank of Nigeria (CBN) disclosed this in its PMI report for March that was posted on its website.
According to the report, the index grew at a faster rate when compared to the index in the previous month.
In all, 11 of the 14 sub-sectors surveyed reported growth in the review month in the following order: cement; food, beverage & tobacco products; fabricated metal products; furniture & related products; paper products; chemical & pharmaceutical products; plastics & rubber products; electrical equipment; printing & related support activities; transportation equipment and non-metallic mineral products.
But the textile, apparel, leather & footwear; petroleum & coal products and primary metal subsectors recorded decline in the review period.
On the other hand, at 58.3 points, the production level index for the manufacturing sector grew for the 25th 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. Nine of the 14 manufacturing sub-sectors recorded increased production level, while five recorded decline.
Also, at 56.7 points, the new orders index grew for the 24th consecutive month, indicating increase in new orders in March 2019.
Eight sub-sectors reported growth, four remained unchanged, while two contracted in the review month.
The report showed that 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 22nd consecutive months as 11 of the 14 sub-sectors recorded improved suppliers’ delivery time, while one remained unchanged and two recorded decline in the review period.
“The employment level index for March 2019 stood at 56.9 points, indicating growth in employment level for the twenty-third consecutive month.
“Of the 14 sub-sectors, nine reported increased employment level, one reported unchanged employment level while four reported decreased employment in the review month.
“The manufacturing sector inventories index grew for the 24th consecutive month in March 2019. At 57.1 points, the index grew at a faster rate when compared to its level in February 2019. “Eight of the 14 sub-sectors recorded growth, three recorded unchanged, while three reported declined raw material inventories in the review month,” the report stated.
Source: THISDAY
