Omodele Adigun
The Manufacturing Purchasing Managers’ Index (PMI), has inched up to 57.1 points in this outgoing month, February, indicating that the manufacturing sector expanded for the 23rd consecutive month, according to the Central Bank of Nigeria (CBN).
The apex bank in its latest PMI Report for February 2019, said the index grew at a slower rate when compared with the previous month, while the production level index grew at 57.5 points for the 24th consecutive month and the employment level index stood at 56.3 points, indicating growth for 22nd consecutive month. The apex bank explained that 13 of the 14 sub-sectors surveyed reported growth during the month. While nine recorded increased production level, three remained unchanged while two recorded decline.
As for the production level, nine of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while two recorded decline.Almost similar things are reported for the employment level as the survey indicates that out of the 14 subsectors, eight reported increased employment level, five reported unchanged employment level while one reported decreased employment in the month.
The CBN report states that the composite PMI for the non-manufacturing sector stood at 58.4 points in February 2019, indicating expansion in the non-manufacturing PMI for the 22nd consecutive month.
The index grew at a slower rate when compared to that in January 2019. “All 17 surveyed subsectors recorded growth in the following order: management of companies; arts, entertainment and recreation; utilities; information and communication; finance and insurance; repair, maintenance/washing of motor vehicles; educational services; real estate rental and leasing; wholesale/retail trade; transportation and warehousing; health care and social assistance; electricity, gas, steam and air conditioning supply; agriculture; accommodation and food services; construction; professional, scientific, and technical services; and water supply, sewage and waste management.
“The business activity index grew for the 23rd consecutive month at 59.7 points, indicating expansion in non-manufacturing business activity in February 2019. The index grew at a slower rate when compared to its level in the previous month.Fifteen subsectors recorded growth in business activity, one remained unchanged while one recorded decline in the review month,” the report states.