Obinna Chima

The Manufacturing Purchasing Managers’ Index (PMI) stood at 57.3 index points in January indicating an expansion in the manufacturing sector for the 10th consecutive month.

The PMI report posted on the Central Bank of Nigeria’s website wednesday showed that the index however grew at a slower rate, when compared to that in the previous month.

According to the report, of the 16 sub-sectors, 13 reported growth in the review month in the following order: computer & electronic products; non-metallic mineral products; cement; textile, apparel, leather & footwear; printing & related support activities; appliances & components; primary metal; petroleum & coal products; food, beverage & tobacco products; furniture & related products; paper products; fabricated metal products; plastics & rubber products.

But the electrical equipment; chemical & pharmaceutical products; and transportation equipment sub-sectors contracted in the review month.

At 59.6 points, the January 2018 production level index for the manufacturing sector grew for the eleventh consecutive month. The index indicated a slower growth in the current month, when compared to its level in the preceding month.

In all, 11 of the 16 manufacturing sub-sectors recorded expansion in production level, three remained unchanged, while the remaining tworecorded declines in production level during the review month.

Also, at 58.3 points, the January 2018 new orders index grew for the eighth consecutive month. The index indicated a slower growth in the current month, when compared to its level in December 2017. Ten sub-sectors reported growth, four remained unchanged while two contracted in the review month.

“The manufacturing supplier delivery time index stood at 56.8 points in January 2018, indicating improved supplier delivery time for the eighth consecutive month. Seven subsectors recorded improved suppliers’ delivery time, 4 remained unchanged while 5 subsectors recorded delayed delivery time,” it added.