The Central Bank of Nigeria says Manufacturing Purchasing Managers’ Index grew 57.7 index points in April compared to 57.4 index points in March

By Anayo Ezugwu

FOR the 25th consecutive months, Nigerian economy has continued to expand. The manufacturing Purchasing Managers’ Index, PMI, in the month of April showed that the sector expanded at 57.7 index points. The index grew marginally when compared to the index in the month of March, which stood at 57.4 index points.

The PMI released by the Central Bank of Nigeria, CBN, on its website showed that 12 of the 14 sub-sectors surveyed reported growth in the review month in the following order: electrical equipment; plastics and rubber products; cement; petroleum and coal products; transportation equipment; food, beverage and tobacco products; and non-metallic mineral products.

Others are chemical and pharmaceutical products; furniture and related products; textile, apparel, leather and footwear; printing and related support activities and fabricated metal products. The paper products and primary metal sub-sectors recorded decline in the review period.

Likewise, at 58.8 points, the production level index for the manufacturing sector grew for the 26th consecutive month in April. The index indicated a faster growth in the current month, when compared to its level in the month of March. Eleven of the 14 manufacturing sub-sectors recorded increased production level, while three recorded decline.

Also at 57.2 points, the new orders index grew for the 25th consecutive month. The growth indicated increase in new orders in April. Ten sub-sectors reported growth, while four contracted in the month under review.

“The manufacturing supplier delivery time index stood at 58.1 points in April, indicating slower supplier delivery time. The index has recorded growth for twenty-three consecutive months. Eleven of the 14 subsectors recorded improved suppliers’ delivery time, while one remained unchanged and two recorded decline in the review period. The employment level index for April stood at 57.0 points, indicating growth in employment level for the twenty-fourth consecutive month.

“Of the 14 subsectors, 11 reported increased employment level, one reported unchanged employment level while two reported decreased employment in the review month. The manufacturing sector inventories index grew for the twenty-fifth consecutive month in April. At 57.5 points, the index grew at a faster rate when compared to its level in March. Nine of the 14 sub-sectors recorded growth, two remain unchanged, while three sectors reported declined raw material inventories in the review month,” it said.

Similarly, the composite PMI for the non-manufacturing sector stood at 58.7 points in April, indicating expansion in the non-manufacturing PMI for 24^th consecutive month. The index grew at a faster rate when compared to its level in March. All the 17 sub-sectors surveyed recorded growth.

The growth were in the following order: management of companies; real estate rental and leasing; construction; wholesale/retail trade; agriculture; health care and social assistance; finance and insurance; professional, scientific, and technical services; and educational services.

Others are water supply, sewage and waste management; information and communication; accommodation and food services; repair, maintenance/washing of motor vehicles; arts, entertainment and recreation; electricity, gas, steam and air conditioning supply; transportation and warehousing and utilities.

“At 58.4 points, the business activity index grew for the twenty-fifth consecutive month at a faster rate, indicating expansion in non-manufacturing business activity in April 2019. Thirteen sub-sectors recorded growth in business activity, three remained unchanged while one sub-sector recorded decline in the review month.

“The employment level Index for the non-manufacturing sector stood at 58.7 points, indicating growth in employment for the twenty-fourth consecutive month. Fourteen sub-sectors recorded growth in employment level two remained unchanged, while one sub-sector declined in the review period.

“At 58.5 points, non-manufacturing inventory index grew for the twenty-fourth consecutive month, indicating growth in inventories in the review period. Of the seventeen surveyed sub-sectors, 16 recorded higher inventories, while one recorded unchanged inventories in April 2019.”

– May 3, 2019 @ 15:29 GMT |