Central Bank of Nigeria, CBN, yesterday released its Purchasing Managers Index, PMI report for February, saying economic expansion persisted for the 13th month in manufacturing and non manufacturing sectors.
The report said that the Manufacturing PMI stood at 56.9 per cent in February while the Non Manufacturing PMI stood at 57.5 per cent. A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting.
According to the CBN, out of the 33 subsectors surveyed in February, 27or 81 per cent recorded growth. In the manufacturing sector 12 out of the 15 subsectors surveyed recorded growth while 15 out of the 18 subsectors surveyed in the non manufacturing sector recorded growth.
The report said: “The Manufacturing PMI in the month of April stood at 56.9 index points, indicating expansion in the manufacturing sector for the thirteenth consecutive month. The index grew at a faster rate when compared to the index in the previous month.
“Of the 15 subsectors surveyed, 12 reported growth in the review month in the following order: Petroleum & coal products, Electrical equipment, Appliances & components, Printing & related support activities, Textile apparel leather & footwear, Fabricated metal products, Chemical & pharmaceutical products, Food, beverage & tobacco products, Paper products, Furniture & related products, Plastics & rubber products, Transportation equipment.”