Obinna Chima
The manufacturing Purchasing Managers’ Index (PMI) stood at 56.9 index points in April, indicating an expansion in the manufacturing sector for the 13th consecutive month.
The CBN disclosed this in its PMI survey report for April 2018 released yesterday.
According to the report, the index grew at a faster rate when compared to the index in the previous month.
It showed that of the 15 sub-sectors surveyed, 12 reported growth in the review month in the following order: Petroleum and coal products, electrical equipment, appliances and components, printing and related support activities.
Others include textile apparel leather and footwear, fabricated metal products, chemical and pharmaceutical products, food, beverage and tobacco products, paper products, furniture and related products, plastics and rubber products, and transportation equipment.
But the cement sub-sector remained unchanged, while the non-metallic minerals and primary metal subsectors declined in the review month.
Also, at 58.6 points, the production level index for the manufacturing sector grew for the 14th consecutive month in April 2018. The index indicated a slower growth in the current month, when compared to its level in the preceding month.
In all, 12 of the 15 manufacturing sub-sectors recorded increase in production level, one remained unchanged, while the remaining two recorded declines in production level during the review month.
“At 55.8 points, new orders index grew for the 13th consecutive month, indicating increase in new orders in April 2018.
“Seven sub-sectors reported growth, four remained unchanged while four contracted in the review month.
“The manufacturing supplier delivery time index stood at 57.4 points in April 2018, indicating faster supplier delivery time for the eleventh consecutive month.
“Eleven sub-sectors recorded improved suppliers’ delivery time, three remained unchanged while one sub-sector recorded delayed delivery time,†it added.
