Nigeria’s Manufacturing Sector Continues To Expand In February - CBN
Nigeria’s manufacturing sector continued its expansion in February, according to a data from the Central Bank of Nigeria, CBN.
The CBN’s Manufacturing Purchasing Managers’ Index, PMI stood at 57.1 index points as at February, indicating an expansion in the manufacturing sector for 23 consecutive months.
The CBN’s report said the index grew at a slower rate when compared to 58.5 index points recorded in February 2018.
According to the report, 13 out of the 14 sub-sectors assessed reported growth in the month reviewed in petroleum and coal products, electrical equipment, transportation equipment; plastics and rubber products, food, beverage and tobacco products.
The other sectors the report said include textile, apparel, leather and footwear, nonmetallic mineral products, chemical and pharmaceutical products, furniture and related products, printing and related support activities, cement, fabricated metal products, and paper products.
The report, however, said the primary metal subsector declined in the period reviewed.
It said at 57.5 points, the production level index for the manufacturing sector grew for the 24-consecutive month in February 2019.
The report said the index indicated a slower growth in the month under review when compared to its level in the preceding month.
It said nine of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while two recorded decline.
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