HOPE MOSES-ASHIKE
The manufacturing sector Purchasing Managers Index (PMI) begins the year with slower growth of 57.3 points in January from a faster growth level of 59.3 index point in December 2017.
The Central Bank of Nigeria (CBN) on Wednesday released its PMI for the month of January which shows manufacturing, non-manufacturing, production level, new orders, supplier delivery time, employment level and inventories growing at a slower rate in January 2018.
The manufacturing PMI at 57.3 index points indicated expansion in the manufacturing sector for the tenth consecutive month. Of the 16 subsectors, 13 reported growth in the review month.
These include computer and electronic products; non-metallic mineral products; cement; textile, apparel, leather and footwear; printing and related support activities; appliances and components; primary metal; petroleum and coal products; food, beverage and tobacco products; furniture and related products; paper products; fabricated metal products; plastics and rubber products.
Others are electrical equipment; chemical and pharmaceutical products; and transportation equipment sub-sectors contracted in the review month.
Production level index for the manufacturing sector at 59.6 points grew for the 11 consecutive month. The index indicated a slower growth in the current month, compared to its level in the preceding month.
At 59.5 points, non-manufacturing inventory index grew for the ninth consecutive month, indicating growth in inventories in the review period. Fifteen subsectors recorded higher inventories, one remained unchanged, while two subsectors recorded lower inventory in December, 2017.
