ADEBISI ADEMOLA
The Central Bank of Nigeria (CBN) has said its Purchasing Manufacturing Index stood at 52.9 index points in June 2017, indicating expansion in the manufacturing sector for the third consecutive month.
The Purchasing Managers’ Index (PMI) Survey Report by CBN disclosed that 12 of the 16 subsectors reported growth in the review month. The report by CBN noted that the remaining four sub-sectors declined.
The apex bank said production level index for manufacturing sector grew for the fourth consecutive month in June 2017.
According to CBN, the index at 58.2 points indicated an increase in production but at a slower rate, when compared to the level attained in the previous month.
The report stated that, “14 manufacturing sub-sectors recorded increase in production level during the review month in the following order: computer & electronic products; plastics & rubber products; transportation equipment; primary metal; appliances & components; paper products; textile, apparel, leather & footwear; electrical equipment; petroleum & coal products; fabricated metal products; furniture & related products; food, beverage & tobacco products; cement and printing & related support activities.
“The nonmetallic mineral products and chemical & pharmaceutical products sub-sectors recorded decline in production. At 51 index points, new orders index grew for the third consecutive month. Eight sub-sectors reported growth in new orders in the following order: paper products; primary metal; plastics & rubber products; computer & electronic products; petroleum & coal products; furniture & related products; textile, apparel, leather & footwear and food, beverage & tobacco products.
“The fabricated metal products and transportation equipment sub-sectors remained unchanged, while the nonmetallic mineral products; cement; chemical & pharmaceutical products; appliances & components; printing & related support activities and electrical equipment sub-sectors recorded declines.”
For new orders, the report by CBN said at 51.0 points, new orders index grew for the third consecutive month.
“.Eight sub-sectors reported growth in new orders in the following order: paper products; primary metal; plastics & rubber products; computer & electronic products; petroleum & coal products; furniture & related products; textile, apparel, leather & footwear and food, beverage & tobacco products. The fabricated metal products and transportation equipment sub-sectors remained unchanged, while the nonmetallic mineral products; cement; chemical & pharmaceutical products; appliances & components; printing & related support activities and electrical equipment sub-sectors recorded declines,” the report by CBN disclosed.
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