The Central Bank of Nigeria (CBN) said the Manufacturing Purchasing Managers’ Index (PMI) stood at 61.1 index points as at December 2018, indicating an expansion in the manufacturing sector for 21 consecutive months.
This is contained in the CBN’s monthly Purchasing Managers’ Index (PMI) Survey Report by the Statistics Department and posted on its website.
The report said the index grew at a faster rate when compared to 57.9 index points recorded in November.
According to the survey report, 13 of the 14 sub-sectors assessed, reported growth in the month reviewed in the following order: transportation equipment; furniture and related products; printing and related support activities; textile, apparel, leather and footwear.
Others are: plastics and rubber products; chemical and pharmaceutical products; food, beverage and tobacco products; non-metallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum and coal products.
On the downside, however, the report said that the primary metal sub-sector recorded a decline in the period reviewed.
At 63.6 points, the production level index for the manufacturing sector grew for the 22nd consecutive month in December, indicating a faster growth when compared to the 59.9 points production level recorded in the preceding month of November.
Ten of the 14 manufacturing sub-sectors recorded increased production level, while three remained unchanged, just as one recorded decreased production level.
The report further said that the composite PMI for the non-manufacturing sector stood at 62.3 points in December, with the result also indicating expansion in the non-manufacturing PMI for the 12th consecutive month.
The report added that the result was an indication that the index grew at a faster rate when compared to that of November 2018.
The News Agency of Nigeria (NAN) reports that the PMI is an indicator of business activity – in both the manufacturing and services sectors.
It is a survey-based measure that asks respondents about changes in their perception of some key business variables from the month before.