CBN’s report shows 34-month expansion in manufacturing

The Manufacturing Purchasing Manager’s Index (PMI) released by the Central Bank of Nigeria (CBN)  has shown expansion in the manufacturing sector.

The report showed that index for January stood at 59.2 index points, indicating expansion in the manufacturing sector for the 34th consecutive month.

However, the index grew at a slower rate when compared to the index in December. “Of the 14 surveyed sub-sectors, 11 reported growth in the review month in petroleum and coal products, transportation equipment, paper products, furniture and related products, plastics and rubber products, primary metal, food, beverage and tobacco products.  Others are chemical and pharmaceutical products, fabricated metal products, textile, apparel, leather and footwear and cement,” the report said.

Also, at 59.6 points, the production level index for manufacturing sector show growth for the 35th consecutive month in January 2020. However, the index indicated a slower growth in the current month, when compared to its level in December 2019.

Nine of the 14 manufacturing sub-sectors recorded increased production level, three remained unchanged while two recorded decline.

The report said that at 59.7 points, the new orders index grew for the 34th consecutive month, indicating increases in new orders in January .

The manufacturing supplier delivery time index stood at 59.1 points in January , indicating slower supplier delivery time.

“The index has recorded growth for 32nd consecutive months. Twelve of the 14 sub-sectors recorded improved suppliers’ delivery time, while tworeported slower delivery time in the review period,” the PMI report showed.