Manufacturing index rises to 59.3 point for 32nd consecutive month

The manufacturing purchasing managers’ Index (PMI) in the month of November stood at 59.3 index points, indicating expansion in the manufacturing sector for the 32nd consecutive month.

The index grew at a faster rate when compared to the index in October.

The Central Bank of Nigeria (CBN), disclosed this in its PMI survey report for November, obtained Wednesday.

In all, 13 of the 14 surveyed sub-sectors reported growth in the review month in the following order: transportation equipment; petroleum and coal products; furniture and related products; electrical equipment; plastics and rubber products; food, beverage and tobacco products; nonmetallic mineral products; printing and related support activities; cement; fabricated metal products; primary metal; chemical and pharmaceutical products; and textile, apparel, leather and footwear.

On the other hand, the paper products subsector recorded decline in the review period.

Furthermore, the report showed that at 60.1 points, the production level index for manufacturing sector grew for the 32nd consecutive month in November 2019.

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

Eleven of the 14 manufacturing subsectors recorded increased production level, while three recorded decline.

“At 59.4 points, the new orders index grew for the 32nd consecutive month, indicating increase in new orders in November 2019. “The index grew at a faster rate, when compared to its level in October 2019. Ten sub-sectors reported growth, while four remained unchanged in the review month.

“The manufacturing supplier delivery time index stood at 58.7 points in November 2019, indicating faster supplier delivery time.

“The index has recorded growth for thirty consecutive months. Twelve of the 14 subsectors recorded improved suppliers’ delivery time, while 2 declined in the review period,” the report explained.