Manufacturing Purchasing Managers Index (PMI) rose to 45.8 index points in May 2016, compared with 43.7 points in the preceding month, according to the Central Bank of Nigeria (CBN).
This implies that the manufacturing sector declined at a slower rate during the review period. Eleven out of the 16 manufacturing sub-sectors recorded decline in the review month.
They include primary metal; paper products; petroleum and coal products; furniture and related products; fabricated metal products; printing and related support activities; non-metallic mineral products; electrical equipment; textile, apparel, leather and footwear; food, beverage and tobacco products, and chemical and pharmaceutical products.
The remaining five sub-sectors however recorded expansion in the following order: computer and electronic products; appliances and components; cement; plastics and rubber products, and transportation equipment.
The PMI released by the CBN yesterday revealed that at 49.3 index points, the production level index for manufacturing sector declined for the fifth consecutive month, but at a slower rate than that recorded in April 2016. Of the 16 manufacturing sub-sectors, 10 recorded declines in production level during the review month in the following order: primary metal; petroleum and coal products; electrical equipment; printing and related support activities; paper products; fabricated metal products; non-metallic mineral products; furniture and related products; textile, apparel, leather and footwear and food, beverage and tobacco products.
The transportation equipment sub-sector recorded no change. The remaining five recorded growth in production level during the review month in the following order: cement; plastics and rubber products; appliances and components; chemical and pharmaceutical products and computer and electronic products
The new orders index rose to 43.2 index points in May 2016, but still indicating a decline for the fifth consecutive month. The twelve sub-sectors that recorded declines in new orders were: primary metal; petroleum and coal products; transportation equipment; fabricated metal products; furniture and related products; paper products; printing and related support activities; non-metallic mineral products; textile, apparel, leather and footwear; chemical and pharmaceutical products; electrical equipment and food, beverage and tobacco products.
The appliances and components sub-sector recorded no change. The remaining three sub-sectors recorded growth in new orders as follows: computer and electronic products; plastics and rubber products and cement.
However, at 52.4 index points, the supplier delivery time index for manufacturing sub-sectors improved for the month of May 2016. The index recorded improved supplier delivery time for four consecutive months. Eight sub-sectors recorded improving suppliers’ delivery time in the following order: transportation equipment; plastics and rubber products; petroleum and coal products; chemical and pharmaceutical products; paper products; primary metal; fabricated metal products and textile, apparel, leather and footwear. The appliances and components sub-sector remained unchanged.
The remaining seven subsectors recorded worsening delivery time in May in the following order: electrical equipment; food, beverage and tobacco products; computer and electronic products; non-metallic mineral products; cement; printing and related support activities and furniture and related products.
