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The Purchasing Managers Index (PMI) of the manufacturing sector of the economy stood at 55.0 index points in October 2017, as against 55.3 in September, indicating expansion in the manufacturing sector for the seventh consecutive month, according to the Central Bank of Nigeria (CBN).
The report released on Tuesday by the CBN revealed that Production level and new orders growing at a slower rate; while supplier delivery time, employment level and inventories growing at a faster rate in October 2017.
11 out of the 16 subsectors reported growth in the review month. They include plastics and rubber products; paper products; non-metallic mineral products; chemical and pharmaceutical products; textile, apparel, leather and footwear; food, beverage and tobacco products; furniture and related products; primary metal; electrical equipment; printing and related support activities; and fabricated metal products.
The appliances and components subsector remained unchanged, while remaining four subsectors contracted in the order: computer and electronic products; petroleum and coal products; cement; and transportation equipment.
HOPE MOSES-ASHIKE
