As inflation figure rose slightly in August, business activities slowed down last month as the Purchasing Managers Index (PMI) for both the manufacturing and non-manufacturing sectors stood at 56.2 and 56.6 index points in September, slower than the previous month.
The Manufacturing PMI in the month of September stood at 56.2 index points, indicating expansion in the manufacturing sector for the 18 consecutive month, although slower than 57.1 index points recorded in August, according to the PMI report released by the Central Bank of Nigeria (CBN) yesterday. Inflation figures in August had risen for the first time in months rising slightly to 11.23 per cent.
Of the 14 sub sectors surveyed in the manufacturing sector, 10 reported growth in the review month. The electrical equipment; printing & related support activities; transportation equipment; nonmetallic mineral products; chemical & pharmaceutical products; fabricated metal products; furniture & related products; textile, apparel, leather & footwear; food, beverage & tobacco products; and plastics & rubber products all recorded expansion , while the petroleum & coal products; cement; paper products; and primary metal sub sectors declined in the review month.
At 58.4 points, the production level index for the manufacturing sector grew for the 19th consecutive month in September 2018, indicating a slower growth in the current month, when compared to its level in the preceding month. Of the 14 manufacturing subsectors, 10 recorded increase in production level, one remained unchanged while three declined.
The employment level index in the manufacturing sector in September 2018 stood at 54.9 points, indicating growth in employment level for the 17th consecutive month but slower than the previous month.
PMI for the non-manufacturing sector stood at 56.5 points in September 2018, indicating expansion for the 17 consecutive month although at a slower rate when compared to August 2018. Fifteen of the 17 sub sectors recorded growth.
The educational services; management of companies; information & communication; agriculture; finance & insurance; water supply, sewage & waste management; wholesale/retail trade; Real estate rental & leasing; Utilities; accommodation & food services; transportation & warehousing; electricity, gas, steam & air conditioning supply; professional, scientific, & technical services; health care & social assistance; and repair, maintenance/washing of motor vehicles all recorded expansion while the arts, entertainment & recreation subsector remained unchanged, while construction subsector recorded contraction in the review period
At 58.1 points, the business activity index grew for the 18th consecutive month, indicating expansion in non-manufacturing business activity in September 2018. The index grew at a slower rate when compared to its level in the previous month as 12 sub sectors recorded growth in business activity, while three remained unchanged and two declined in the review month.
The employment level Index for the non-manufacturing sector stood at 55.4 points, indicating growth in employment for the 17th consecutive month. Thirteen subsectors recorded growth, one remained unchanged while three recorded decline in the review month.
Intrigues Behind Omo-Agege’s Emergence As Deputy Senate President
By Inneh Barth The victory of Senator Ovie Augustine Omo-Agege as the Deputy Senate President against Senator Ike Ekweremadu did...
NANS Backs NECO Registrar Over Reforms
BY HENRY TYOHEMBA The National Association of Nigerian Students (NANS) has thrown its support behind efforts to introduce reforms in...
NGO Commences Tree Planting Exercise In Bwari
BY DAVID ADUGE-ANI An Abuja-based nongovernmental organisation (NGO), Purple Hands Empowerment Initiative, has commenced tree planting exercise, with the planting...
FCTA Pledges To Empower SMEs
BY DAVID ADUGE-ANI The Federal Capital Territory Administration (FCTA) said it has put in place various measures to empower small,...
TETFund As Lifeline For Tertiary Institutions
Over the years, the federal government through the TETFund has ensured that funds are disbursed towards revitalising the public tertiary...
UNICAL: Blazing The Trail In Academic Excellence
By Richard Ndoma, Calabar The declining quality of tertiary education in Nigeria has become a source of worry as it...
‘NDDC Scholars To Receive Fees, Stipends Next Week’
BY ANAYO ONUKWUGHA, Port Harcourt The management of the Niger Delta Development Commission (NDDC) has assured scholars sponsored by the...
NEWS13 hours ago
Borno Gov. Appoints SSG, COS, Others
EDUCATION19 hours ago
President Buhari’s Assent To Poly Act Bill, A Laudable Achievement – ASUP
NEWS18 hours ago
FG Saves N273.8bn From Implementation Of IPPIS In MDAs
POLITICS15 hours ago
Anti-Party Activities: Ex-Gov Yari Rejects APC’s Committee Report
COVER STORIES4 hours ago
Suicide: FG Restricts Sale, Use Of Sniper
NEWS14 hours ago
NAFDAC Bans Sniper In Open Markets, Supermarkets
NEWS10 hours ago
FG Flags-off Reconstruction Of N3.6bn Lagos-Badagry Expressway
NEWS24 hours ago
Six Killed, Scores Injured As Women Protest Over Attack On Kona Village.