Nigeria’s Manufacturing Purchasing Managers’ Index (PMI)
stood at 55.3 index points in September 2017, indicating expansion in the
manufacturing sector for the sixth consecutive month.
The PMI is an indicator of the economic health of the
manufacturing sector. The PMI is based on five major indicators: new orders,
inventory levels, production, supplier deliveries and the employment
environment.
According to the PMI report posted on the central bank’s
website yesterday, 14 of the 16 sub-sectors reported growth in the review month
in the following order: appliances & components; electrical equipment;
chemical & pharmaceutical products; nonmetallic mineral products; printing
& related support activities; plastics & rubber products; food, beverage
& tobacco products; furniture & related products; transportation
equipment; cement; paper products; computer & electronic products; textile,
apparel, leather & footwear and fabricated metal products.
But, the primary metal and petroleum & coal products
subsectors contracted in the review month.
Also, the production level index for the manufacturing
sector grew for the seventh consecutive month in September 2017.
The report showed that at 58.8 points, the index indicated
an increase in production at a faster rate, when compared to its level in the
preceding month. Thirteen of the sixteen manufacturing subsectors recorded
increase, while three subsectors declined during the review month.
At 53.5 points, the new orders index grew for the sixth
consecutive month. Ten sub-sectors reported growth, while six subsectors
contracted in the month of September, 2017.
However, the supplier delivery time index for the
manufacturing sector, at 55.4 points in September 2017, rose for the fourth
consecutive month. Twelve sub-sectors recorded improved suppliers’ delivery
time, two remained unchanged while two subsectors recorded delayed delivery
time.
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