Nigeria’s Manufacturing Purchasing Managers’ Index (PMI) rose to 56.9 in April, improving slightly from 56.7 index points in March, the Central Bank of Nigeria’s (CBN) PMI report published yesterday, shows. According to the apex bank: “The manufacturing and non-Manufacturing PMI report on businesses is based on survey responses, indicating the changes in the level of business activities in the review month compared with the preceding month.
“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.” The April PMI data thus indicates an expansion in the manufacturing sector for the 13th consecutive month.
The report stated : “Of the 15 subsectors surveyed, 12 re-ported 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 and transportation equipment.” It added that while the cement sub-sector remained unchanged, the non-metallic minerals and primary metal subsectors declined in the review month.
The report also showed that at 58.6 points, the production level index for the manufacturing sector grew- albeit at a slower pace when compared to its level in the preceding month- for the 14th consecutive month in April 2018. Furthermore, the report showed that the new orders index grew for the 13th consecutive month to stand at 55.8 points in April 2018, thus indicating an increase in new orders.
Similarly, the report showed that the manufacturing supplier delivery time index stood at 57.4 points in April 2018,indicating faster supplier delivery time for the 11th consecutive month. It also put the employment level index in April 2018 at 55.0 points, indicating growth in employment level for the 12th consecutive month.
Significantly, with manufacturers no longer grappling with forex scarcity, the report showed that the manufacturing sector inventories index grew for the 13th consecutive month in April 2018, rising at a faster rate when compared to its level in the previous month to stand at 59.5 points. According to the report, expansion was also recorded in the CBN’s PMI for the nonmanufacturing sector as the index stood at 57.5 points in April 2018, indicating expansion in the Non-manufacturing PMI for the 12th consecutive month.
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