By Kayode Tokede, Lagos
The Central Bank of Nigeria (CBN) has said Manufacturing Purchasing Managers’ Index (PMI) increased by 1.2 basis points to 54.1 index points in July from 52.9 index points recorded in June. According to CBN, the increase in Manufacturing PMI, indicates expansion in the manufacturing sector for the fourth consecutive month.
The CBN’s PMI survey report released yesterday noted that production in real subsectors like textile, cement, chemical and pharmaceutical products among others of the nation’s economy continued to report growth in production while production in petroleum and coal products; fabricated metal products; furniture and related products; nonmetallic mineral products and plastics and rubber products declined.
The PMI survey report by CBN revealed that production level index for the manufacturing sector grew for the fifth consecutive month in July 2017 to 59.3 points in July from 58.2 points recorded in June. According to the report, “The production level index for the manufacturing sector grew for the fifth consecutive month in July 2017.
“The index at 59.3 points indicated an expansion in production at a faster rate, when compared to the level recorded in the previous month. Fourteen of the 16 manufacturing subsectors recorded expansion in production level during the review month.” For new order, The CBN PMI survey report said it moved to 52.7 points in July, indicating fourth month consecutive growth.
The report said eight subsectors reported growth; one remained unchanged while the remaining seven declined in the review month. The CBN report said supplier delivery time index for the manufacturing sector moved to 51.3 points in July 2017, second consecutive month increase.
“10 subsectors recorded improved suppliers’ delivery time while the remaining six subsectors recorded delayed delivery time,” the report stated. The report disclosed that, “Manufacturing employment level index in July 2017 stood at 51.8 points, indicating growth in employment level for the third consecutive month.
“Of the 16 subsectors, eight recorded growth, three subsectors remained unchanged while the remaining five subsectors recorded decline in employment.” In addition, the survey said, “The composite PMI for the non-manufacturing sector grew to 54.4 points in July 2017, indicating growth in Non-manufacturing PMI for the third consecutive month. Of the eighteen nonmanufacturing subsectors, sixteen recorded growth.”