By Omodele Adigun
The nation seems to be proving the bookmakers right on its exit from recession as the Central Bank of Nigeria (CBN) says both job and manufacturing indices expanded for the 5th and 6th consecutive times last month.
In its Purchasing Manager’s Index (PMI) for August recently at the weekend, the apex bank said the Manufacturing PMI stood at 53.6 index points in August indicating expansion in the manufacturing sector for the fifth consecutive month, while the employment level index at 51.5 points also shows growth in employment level for the fourth consecutive month
Further analysis shows that 12 of the 16 sub-sectors reported growth in August in the following order: computer & electronic products; appliances and components; chemical & pharmaceutical products; textile, apparel, leather and footwear; electrical equipment; printing & related support activities; paper products; nonmetallic mineral products; food, beverage & tobacco products; furniture & related products; cement and plastics & rubber products. The remaining four sub-sectors: transportation equipment; primary metal; petroleum & coal products and fabricated metal products contracted in the order: The apex bank explains that the production level index for manufacturing sector grew for the sixth consecutive month in August.
The supplier delivery time index for the manufacturing sector also rose to 52 points for the third consecutive month. ‘Nine sub-sectors recorded improved suppliers’ delivery time, two remained unchanged while five sub-sectors recorded delayed delivery time.
As for employment level, CBN states that out of the 16 sub-sectors, seven recorded growth, four remained unchanged, while five sub-sectors recorded decline in employment level over the preceding month.
It adds: “At 57.4 points, the index indicated an increase in production at a slower rate, when compared to its level in the preceding month. Eleven of the 16 manufacturing sub-sectors recorded increase in production level, one remained unchanged and the other four declined during the review month.”
The Purchasing managers’ also put new orders index at 52.3 points, to show its growth for the fifth consecutive month. Six sub-sectors reported growth, one remained unchanged while nine contracted.