Nigeria’s Manufacturing Index Rises for 22nd Consecutive Month
The Manufacturing Purchasing Managers’ Index (PM) stood at 58.5 index points in January. This indicated an expansion in the manufacturing sector for the 22nd consecutive month.
According to the PMI report for January released Thursday, the index grew at a slower rate when compared to the index in the previous month.
In all, 14 sub-sectors surveyed reported growth in the review month in the following order: petroleum & coal products; chemical & pharmaceutical products; primary metal; paper products; cement; furniture & related products; printing & related support activities; fabricated metal products; electrical equipment; food, beverage & tobacco products; nonmetallic mineral products; textile, apparel, leather & footwear; plastics & rubber products; and transportation equipment.
On the other hand, at 59.3 points, the production level index for the manufacturing sector grew for the 23rd consecutive month in January 2019. The index indicated a slower growth in the current month, when compared to its level in the preceding month. Twelve of the 14 manufacturing sub-sectors recorded increased production level, while 2 remained unchanged.
Also, at 58.9 points, the new orders index grew for the 22nd consecutive month, indicating increase in new orders in January 2019. Eleven sub-sectors reported growth, two remained unchanged, while on contracted in the review month.
“The manufacturing supplier delivery time index stood at 58.3 points in January 2019, indicating slower supplier delivery time. The employment level index in January 2019 stood at 56.4 points, indicating growth in employment level for the twenty-first consecutive month. Of the 14 subsectors, eight reported increased employment level, 5 reported unchanged employment level while 1 reported decreased employment in the review month.
“The manufacturing sector inventories index grew for the twenty-second consecutive month in January 2019. At 59.9 points, the index grew at a slower rate when compared to its level in December 2018. Twelve of the