The Central Bank of Nigeria, CBN, data released on Thursday, September 28, revealed that the nation’s manufacturing purchasing managers index (PMI) soared in the month of September 2017.
In the CBN’s PMI Survey Report, the apex bank noted the manufacturing PMI increased to 55.3 index points this month, indicating expansion in the manufacturing sector for the sixth consecutive month.
The report explained that 14 of the 16 subsectors reported growth in the review month in the following order: appliances & components; electrical equipment; chemical & pharmaceutical products; non-metallic mineral products; printing & related support activities; plastics & rubber products; food, beverage & tobacco products; furniture & related products; transportation equipment; cement; paper products; computer & electronic products; textile, apparel, leather & footwear and fabricated metal products.
The primary metal and petroleum & coal products subsectors contracted in the review month.
Also, the production level index for the manufacturing sector grew for the seventh consecutive month in September 2017.
At 58.8 points, the index indicated an increase in production at a faster rate, when compared to its level in the preceding month and 13 of the 16 manufacturing subsectors recorded increase, while three subsectors declined during the review month.
The CBN report further stated that the composite PMI for the non-manufacturing sector stood at 54.9 points in September 2017, indicating growth in Non-manufacturing PMI for the fifth consecutive month.
Of the 18 nonmanufacturing subsectors, fifteen recorded growth in the following order: utilities; agriculture; health care & social assistance; finance & insurance; transportation & warehousing; electricity, gas, steam & air conditioning supply; repair, maintenance/washing of motor vehicles; public administration; wholesale/retail trade; water supply, sewage & waste management; educational services; arts, entertainment & recreation; information & communication; accommodation & food services; real estate rental & leasing.
The construction; management of companies; and professional, scientific & technical services sub sectors recorded contraction in the review period.