Production index for manufacturing sector, which stood at 42.3 index points, declined for the tenth consecutive month, but at a slower rate than the index recorded in September 2016, according to the Central Bank of Nigeria (CBN).
The purchasing managers index report released Tuesday by the CBN showed that 13 manufacturing sub-sectors recorded declining production level in the month of October.
The sub-sectors include transportation equipment; petroleum and coal products; electrical equipment; primary metal; computer and electronic products; fabricated metal products; plastics and rubber products; furniture and related products; non-metallic mineral products; printing and related support activities; paper products; textile, apparel, leather and footwear and chemical and pharmaceutical products.
The appliances and components and cement sub-sectors remained unchanged, while the food, beverage and tobacco products sub-sector grew in the review period.
Also, the Manufacturing PMI stood at 44.1 index points in October 2016, compared with 42.5 in the preceding month, indicating a slowing decline in the manufacturing sector during the review period. Fourteen of the 16 sub-sectors surveyed recorded declines in the review month.
According to the CBN, the new orders index declined for the tenth consecutive month. At 40.3 points, the index declined at a slower rate when compared with the 38.7 index points in September 2016.
The 14 sub- sectors that recorded declines in new orders were: computer and electronic products; transportation equipment; primary metal; fabricated metal products; electrical equipment; non-metallic mineral products; printing and related support activities; plastics and rubber products; furniture and related products; paper products; petroleum and coal products; textile, apparel, leather and footwear; chemical and pharmaceutical products and cement.
The remaining two sub-sectors grew in the order: appliances and components and food, beverage and tobacco products.
However, at 57.7 index points, the supplier delivery time index for manufacturing sub-sectors improved at a faster rate in the month of October 2016. The index recorded improvements for the eighth consecutive month.
