Again, Nigeriaâ€™s Manufacturing Index Sustains Expansion
The Manufacturing Purchasing Managersâ€™ Index (PMI) stood at 55 index points in October 2017, indicating an expansion in the manufacturing sector for the seventh consecutive month.
The PMI report for October obtained on the Central Bank of Nigeriaâ€™s website yesterday, showed that 11 of the 16 sub-sectors reported growth in the review month in the following order: plastics & rubber products; paper products; nonmetallic mineral products; chemical & pharmaceutical products; textile, apparel, leather & footwear; food, beverage & tobacco products; furniture & related products; primary metal; electrical equipment; printing & related support activities; and fabricated metal products.
But the appliances & components sub-sector remained unchanged, while remaining four sub-sectors contracted in the order: computer & electronic products; petroleum & coal products; cement; and transportation equipment.
Also, the report showed that the production level index for manufacturing sector grew for the eighth consecutive month in October 2017. At 58.4 points, the index indicated an increase in production at a slower rate, when compared to its level in the preceding month.
Eleven of the 16 manufacturing sub-sectors recorded increase in production level, whilefive remained unchanged during the review month.
Also, at 52.8 points, the new orders index grew for the seventh consecutive month. Seven sub-sectors reported growth, two remained unchanged while seven contracted in the review month.
The supplier delivery time index for the manufacturing sector, at 55.5 points in October 2017, rose for the fifth consecutive month. Eleven subsectors recorded improved suppliersâ€™ delivery time, 3 remained unchanged while two sub-sectors recorded delayed delivery time.
The employment level index in October 2017 stood at 53.1 points, indicating growth in employment level for the sixth consecutive month. Of the 16 sub-sectors, seven recorded growth, four remained unchanged while five sub-sectors reduced their employment level in the review month.
Also, at 56.5 points, inventories index grew for the seventh consecutive month, and at a faster rate when compared to its level in September 2017. Ten of the 16 sub-sectors recorded growth, two remained unchanged while four sub-sectors recorded decline in raw material inventories.