…highest in three years
The Central Bank of Nigeria (CBN) has disclosed that its Purchasing Manufacturing Index (PMI) increased to 55.9 index points in November, record high in three years.
The apex bank had report PMI of 55 Index points in October and 55.3 Index points in September.
The PMI, an indicator of the economic health of the manufacturing sector, opened the year at 48.2 Index points.
Despite the marginal decline, the apex bank maintained there was expansion in the manufacturing sector for the 11th consecutive month in 2017.
The apex bank based its composite PMI for the manufacturing sector on five indicators that include production, new orders, supplier delivery time, employment level and raw materials inventory.
The PMI’s report by the CBN on Thursday, revealed that 12 of the 16 sub-sectors reported growth in the review month.
According to the report, the sub-sectors are petroleum & coal products; printing & related support activities; computer & electronic products; textile, apparel, leather and footwear; plastics & rubber products;
food, beverage & tobacco products; nonmetallic mineral products; chemical & pharmaceutical products; furniture & related products; paper products; cement and primary metal.
“The electrical equipment sector remained unchanged, while the appliances & components; fabricated metal products and transportation equipment sectors contracted in the review month,” the CBN’s survey report disclosed.
On the Production Level, the report said, “At 59.3 points, the production level index for the manufacturing sector grew for the eighth consecutive month in November 2017.
“The index indicated an increase in production in the current month, when compared to its level in the preceding month. 10 of the 16 manufacturing sub-sectors recorded increase in production level, four remained unchanged, while the remaining two recorded declines in production during the review month.”
According to the survey report by CBN, the report on new orders said, “At 54.3 points, the new orders index grew for the eighth consecutive month. Nine sub-sectors reported growth, three remained unchanged while four contracted in the review month.
The report by CBN said manufacturing supplier delivery time index stood at 56.0 points in November 2017, indicating faster supplier delivery time for the sixth consecutive month.
“The employment level index in November 2017 stood at 53.7 points, indicating growth in employment level for the seventh consecutive month. Of the 16 sub-sectors, eight recorded growth, three remained unchanged while five sub-sectors reduced their employment level in the review month.
“The Manufacturing sector inventories index grew for the eight consecutive months in November 2017.
“At 57.1 points, the index grew at a faster rate when compared to its level in October 2017. Eleven of the 16 sub-sectors recorded growth, three remained unchanged while two sub-sectors recorded decline in raw material inventories,” the report added.