Yemisi Izuora
The Manufacturing Purchasing Managers Index (PMI) for September, released by the Central Bank of Nigeria (CBN), stood at 55.3 index points in September 2017, indicating expansion in the manufacturing sector for the sixth consecutive month.
The Index reflects a 1.7 per cent growth from the 53.6 recorded in August.
“The sustained uptrend reflects growth of new orders, production and employment underlying continuous recovery of economic activities.
A composite PMI above 50 points indicates that the manufacturing/non-
The latest PMI also indicates that 14 of the 16 subsectors reported growth in the review month in the following order: appliances & components; electrical equipment; chemical & pharmaceutical products; nonmetallic mineral products; printing & related support activities; plastics & rubber products.
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. Thirteen of the 16 manufacturing subsectors recorded increase, while three subsectors declined during the review month.
At 53.5 points, the new orders’ index grew for the sixth consecutive month. Ten subsectors reported growth, while six subsectors contracted in the month of September, 2017.
The employment level index in September 2017 stood at 52.8 points, indicating growth in employment level for the fifth consecutive month. Of the 16 subsectors, six recorded growth, four remained unchanged while the other six subsectors recorded decline in employment level.
At 56.4 points, raw materials inventories index grew for the sixth consecutive month, and at a faster rate when compared to its level in August 2017. Twelve of the 16 subsectors recorded growth, one remained unchanged and the remaining three subsectors recorded decline in inventories.
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.
Out of the 18 nonmanufacturing subsectors, 15 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.
Other are 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 which recorded contraction in the review period.
At 52.9 points, non-manufacturing inventory index grew for the fifth consecutive month, indicating growth in inventories in the review period. Twelve subsectors recorded higher inventory, three remained unchanged, while three subsectors recorded lower inventory this month.