Nigeria’s Manufacturing Purchasing Managers’ Index (PMI) rose to 57.0 in June, improving from 56.5 index points in May, indicating expansion in the manufacturing sector for the 15th consecutive month, the Central Bank of Nigeria’s (CBN) PMI report published last weekend, showed.
The study stated : “Of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: paper products; furniture and related products; printing and related support activities; food, beverage and tobacco products; plastics and rubber products; electrical equipment; textile, apparel, leather and footwear; chemical and pharmaceutical products; petroleum and coal products and nonmetallic mineral products.”
It added that the transportation equipment; fabricated metal products; primary metal; and cement subsectors declined in the review month.
Also, the study stated that at 59.2 points, the production level index for the manufacturing sector grew for the 16th consecutive month in June 2018.
Similarly, it stated that at 56.2 points, the new orders index for the manufacturing sector grew for the 15th consecutive month, indicating increase in new orders in June 2018.
The study indicated that composite PMI for the non-manufacturing sector stood at 57.5 points in June 2018, rising from 57.3 points in May, indicating expansion in the non-manufacturing PMI for the fourteenth consecutive month.
According to the apex bank: “A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points depicts that it is generally contracting.”
Source: New Telegraph