Nigeria’s Manufacturing Sector Maintained Growth In September – CBN
So, the Central Bank of Nigeria has released the Manufacturing Purchasing Managers Index, PMI in the month of September.
The PMI measures the level of manufacturing activity in the country.
According to the CBN index, the PMI stood at 56.2 index points, indicating expansion in the country’s manufacturing sector for the 18th consecutive month.
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.
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