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HomeBusiness NewsNigeria's Cbank says manufacturing PMI at 56.3 points in Feb vs 57.3...

Nigeria’s Cbank says manufacturing PMI at 56.3 points in Feb vs 57.3 points in Jan

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The Manufacturing PMI in the month of February stood at 56.3 index points, indicating expansion in the manufacturing sector for the eleventh consecutive month, the latest report by the Central Bank of Nigeria (CBN) has shown.Image result for Nigeria's manufacturers' PMI
The regulatory bank said the index grew at a slower rate when compared to that in the previous month.
According to the report, from the 15 subsectors surveyed, 10 reported growth in the review month in the following order: Plastics & rubber products; textile, apparel, leather & footwear; appliances & components; paper products; primary metal; petroleum & coal products; chemical & pharmaceutical products; food, beverage & tobacco products; electrical equipment and furniture & related products.
On employment level index, the bank said the index in February 2018 stood at 53.9 points, indicating growth in employment level for the tenth consecutive month.
Out of the 15 subsectors, 6 subsectors increased their employment level, two remained unchanged while seven reduced their employment level in the review month the following order: printing & related support activities; cement; nonmetallic mineral products; fabricated metal products; and transportation equipment.
“At 57.8 points, the production level index for the manufacturing sector grew for the twelfth consecutive month in February 2018. The index indicated a slower growth in the current month when compared to its level in the preceding month. Six of the 15 manufacturing subsectors recorded increase in production level, 6 remained unchanged, while the remaining 3 recorded declines in production level during the review month,” the bank said.
At 55.6 points, the new orders index grew for the eleventh consecutive month, indicating an increase in new orders in February 2018. Eight subsectors reported growth, 4 remained unchanged while 3 contracted in the review month
The manufacturing supplier delivery time index stood at 57.0 points in February 2018, indicating faster supplier delivery time for the ninth consecutive month. Six subsectors recorded improved suppliers’ delivery time, 7 remained unchanged while 2 subsectors recorded delayed delivery time

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