Manufacturing sector expands further with index at 55.9
The Manufacturing Purchasing Managers Index (PMI) stood at 55.9 index points in the month of November indicating expansion in the sector for the eight consecutive months, according to the Central Bank of Nigeria (CBN).
The PMI report shows production level, new orders, supplier delivery time, employment level and inventories growing at a faster rate in November 2017.
Of the 16 subsectors, 12 reported growth in the review month. They include petroleum & coal products; printing and related support activities; computer and electronic products; textile, apparel, leather and footwear; plastics and rubber products; food, beverage & tobacco products; non-metallic mineral products; chemical and pharmaceutical products; furniture and related products; paper products; cement and primary metal.
The electrical equipment sector remained unchanged, while the appliances and components; fabricated metal products and transportation equipment sectors contracted in the review month.
At 59.3 points, the production level index for the manufacturing sector grew for the eighth consecutive month in November 2017.
The index indicated an increase in production in the current month, when compared to its level in the preceding month.
Non-Manufacturing PMI report revealed business activity, new orders, employment and inventories growing at a faster rate in November 2017.
The composite PMI for the non-manufacturing sector stood at 57.6 points in November 2017, indicating growth in the Non-manufacturing PMI for the seventh consecutive month. Of the 18 non-manufacturing subsectors, 15 recorded growth during the review period.
Big Read |