Uche Henry
The latest manufacturing Purchasing Managers’ Index (PMI) covering the month of March 2019, indicates that Nigeria’s manufacturing sector expanded for the 24th consecutive month. This was reflected in the PMI Survey Report released by Central Bank of Nigeria (CBN).
In a statement delivered by Nigerian Investement Promotion Commission (NIPC), the manufacturing PMI for March 2019 stood at 57.4 index point, above the 50-point threshold that separates expansion from contraction in business conditions, this indicates robust growth in the private sector.
The statement also read that the non-manufacturing sector also expanded with the composite PMI at 58.5 points in March 2019 which is an indication that the production level index for the sector grew faster and witnessed sustained growth for the 25th consecutive month in March 2019. Out of the 14 sub-sectors surveyed in the month under review, 11 sub-sectors witnessed growth in cement; food, beverage & tobacco products; fabricated metal products; furniture & related products and paper products.
Also, chemical & pharmaceutical products; plastics & rubber products; electrical equipment; printing & related support activities; transportation equipment and nonmetallic mineral products all recorded growth in the reviewed period.
Howbeit, some Sub-sectors declined which includes: the Textile, apparel, leather & footwear; Petroleum & coal products and primary metal.
The manufacturing supplier delivery time index stood at 58.4 points in March 2019, indicating faster supplier delivery time. The index has recorded growth for twenty-second consecutive months.
Employment Level Index for March 2019 stood at 56.9 points, indicating growth in employment level for the twenty-third consecutive month.
Raw Material Inventories index for the manufacturing sector grew for the twenty-fourth consecutive month in March 2019. At 57.1 points, the index grew at a faster rate when compared to its level in February 2019.