Nigerian manufacturing sector indicates faster growth in July – CBN

The manufacturing Purchasing Manager Index, PMI in the month of July stood at 57.6 index points, the Central Bank of Nigeria (CBN) revealed in a new report.

Data made available from the “PMI July 2019 Report” published on Wednesday indicate expansion in the manufacturing sector for the 28th consecutive months.

However, the textile, apparel, leather & footwear subsector recorded decline in the review period.

The PMI is based on survey responses of purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).

The survey is used to arrive at the changes in the level of business activities in the current month compared with the preceding month.

The Apex bank noted that the index grew at a faster rate when compared to the index in the previous month at 57.4 points.

“Of the 14 subsectors surveyed, the CBN said 13 reported growth in the review month, including the petroleum and coal products, transportation equipment, cement, printing and related support activities, and paper products.

“Others are food, beverage and tobacco products; furniture and related products, fabricated metal products, non-metallic mineral products, plastics and rubber products, primary metal, chemical and pharmaceutical products, as well as electrical equipment.

“However, the textile, apparel, leather and footwear subsector recorded a decline in the review period,” showed the index.

The financial regulator revealed that at 58.9 points, the production level index for the manufacturing sector grew for the 29th consecutive month in July.






     

     

    According to it, the index indicates a slower growth in the month, when compared to its level in the month of June.

    “Twelve of the 14 manufacturing subsectors recorded increased production level, while two recorded decline,” it said.

    Similarly, the employment level index of the sector stood at 57.3 points in July, indicating growth for the 27th consecutive month.

    The report said, “Of the 14 subsectors, 10 reported increased employment level, one reported unchanged employment level while three reported decreased employment in the review month.”

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