The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) stood at 61.1 index points in December, indicating an expansion in the manufacturing sector for the twenty-first consecutive months month. The index grew at a faster rate when compared to the index in the previous month.
Thirteen of the 14 sub sectors surveyed reported growth in the review month in the following order: transportation equipment; furniture & related products; printing & related support activities; textile, apparel, leather & footwear; plastics & rubber products; chemical & pharmaceutical products; food, beverage & tobacco products; non-metallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum & coal products.
However, on the downside, the primary metal sub sector recorded decline in the review period. Also, the composite PMI for the non-manufacturing sector stood at 62.3 points in December 2018, indicating expansion in the Non-manufacturing PMI for the twentieth consecutive months. On Non-Manufacturing the PMI Report states that the index grew at a faster rate when compared to that in November 2018.
All the 17 surveyed subsectors recorded growth in the following order: repair, maintenance/washing of motor vehicles; information & communication; water supply, sewage & waste management; wholesale/retail trade; professional, scientific, & technical services; accommodation & food services; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; utilities; finance & insurance; agriculture; transportation & warehousing; educational services; construction; real estate rental & leasing; management of companies; health care & social assistance.
