CBN’s PMI report shows production growth slows in September

Production and employment levels and raw materials inventories grew at a slower rate, while new orders and supplier delivery time grew at a faster rate in September 2019.

The Central Bank of Nigeria disclosed this in its purchasing managers’ index survey report for the month of September.

The manufacturing PMI in the month of September stood at 57.7 index points, indicating expansion in the manufacturing sector for the 30th consecutive month.

The index, however, grew at a slower rate when compared to reported growth rate in August.

Thirteen of the 14 surveyed subsectors reported growth in the review month in the following order: cement; petroleum and coal products; food, beverage and tobacco products; transportation equipment; printing and related support activities.

Others were chemical and pharmaceutical products; furniture and related products; fabricated metal products, nonmetallic mineral products; electrical equipment; textile, apparel, leather and footwear; plastics and rubber products; and primary metal.

The paper products subsector recorded decline in the review period.

At 58.5 points, the production level index for the manufacturing sector grew for the 31st consecutive month in September 2019.

The index indicated a slower growth in the current month, when compared to its level in August 2019.

Eleven of the 14 manufacturing subsectors recorded increased production level, one remained unchanged, while two recorded decline.

At 57.2 points, the new orders index grew for the 30th consecutive month, indicating increase in new orders in September 2019.

The index grew at a faster rate, when compared to its level in August 2019.

Nine subsectors reported growth, one remained unchanged, while four contracted in the review month.