The manufacturing sector closed the year 2019 on a faster growth with its Purchasing Managers Index (PMI) expanding at 60.8 points in December from 59.3 points in November 2019.
The PMI report released on Monday by the Central Bank of Nigeria (CBN) show that production level, new orders, supplier delivery time, employment level and raw materials inventories grew at a faster rate in December 2019.
The manufacturing sector expanded for the 33rd consecutive month. All the 14 surveyed by the CBN subsectors reported growth in the review month.
These include petroleum and coal products; transportation equipment; plastics and rubber products; food, beverage and tobacco products; fabricated metal products; furniture and related products; primary metal; chemical and pharmaceutical products; printing and related support activities; textile, apparel, leather and footwear; cement; paper products; electrical equipment; and non-metallic mineral products.
Robert Asogwa, member of the Monetary Policy Committee (MPC) noted in his personal statement that expansion in both manufacturing and non-manufacturing PMI show a brighter outlook for investment and consumption expenditure expected to support future growth.
The composite PMI for the non-manufacturing sector stood at 62.1 points in December 2019, indicating expansion in Non-manufacturing PMI for the 32nd consecutive month. The index grew at a faster rate when compared to its level 60.1 points in November 2019.
The production level index for manufacturing sector grew for the 34th consecutive month in to 61.8 index point in December 2019 compared to 60.1 points in the preceding month.
The December 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period December 10-14, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).
At 61.5 points, the new orders index grew for the thirty-third consecutive month, indicating increase in new orders in December 2019 compared to its level of 59.4 points in November 2019.
HOPE MOSES-ASHIKE
