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Manufacturing sector maintained growth in September –CBN

 The Manufacturing Purchasing Managers Index in the month of September stood at 56.2 index points, indicating expansion in the country’s manufacturing sector for the 18th consecutive month.

The Statistics Department of the Central Bank of Nigeria disclosed this in its Purchasing Managers Index Survey report.

The report stated that a composite PMI above 50 points indicated that the manufacturing/non-manufacturing economy was generally expanding; 50 points indicating no change; and below 50 points, generally contracting.

It stated the index however grew at a slower rate when compared to the index in the previous month.

Of the 14 subsectors surveyed, it noted that 10 reported growth in the review month in the following order: electrical equipment; printing and related support activities; transportation equipment; nonmetallic mineral products; pharmaceutical products; fabricated metal products; furniture and related products; textile, apparel, leather and footwear; food, beverage and tobacco products; and plastics and rubber products.

It however added that the petroleum and coal products, cement, paper products, and primary metal subsectors declined in the review month.

While explaining the production level, the CBN report stated that at 58.4 points, the production level index for the manufacturing sector grew for the 19th consecutive month in September.

It stated, “The index indicated a slower growth in the current month, when compared to its level in the preceding month. Ten of the 14 manufacturing subsectors recorded increase in production level; one remained unchanged while three declined.”

The CBN stated that at 55.3 points, the new orders index grew for the 18th consecutive month, indicating increase in new orders in September 2018.

While nine subsectors reported growth; two remained unchanged; while three contracted in the review month, it added.

It stated, “The manufacturing supplier delivery time index stood at 56.1 points in September 2018, indicating faster supplier delivery time for the 16th consecutive month. Eleven subsectors recorded improved suppliers’ delivery time, two remained unchanged while one reported worsening delivery times.”