By Andy Nssien
The Manufacturing Purchasing Managers’ Index (PMI) in October has risen to 58.2 index points, according to the Central Bank of Nigeria (CBN) purchasing power index survey released at the weekend.
The figure indicates an expansion in the manufacturing sector for the thirty-first consecutive month.
According to the report, the index grew at a faster rate when compared to the index in September.
Thirteen of the 14 surveyed subsectors reported growth in the review month in the following order: petroleum & coal products; cement; electrical equipment; furniture & related products; fabricated metal products; printing & related support activities; textile, apparel, leather & footwear.
Others were food, beverage & tobacco products; nonmetallic mineral products; plastics & rubber products; primary metal; chemical & pharmaceutical products; and transportation equipment.
However, the paper products subsector recorded decline in the review period.
Production level index for manufacturing sector at 59.3 points grew for the thirty-second consecutive month in October 2019.
The index indicated a faster growth in the current month, when compared to its level in September 2019.
Eleven of the 14 manufacturing subsectors recorded increased production level, while 3 recorded decline.
The survey further stated that new orders index at 57.9 points, grew for the thirty-first consecutive month, indicating increase in new orders in October 2019.
The index grew at a faster rate, when compared to its level in September 2019.
Nine subsectors reported growth, 2 remained unchanged, while 3 contracted in the review month.
