The Central Bank of Nigeria (CBN) said Manufacturing Purchasing Managers’ Index (PMI) closes March at 56.7 index points as level of business activities in the country continued to increase.
The 56.3 index points indicated expansion in the manufacturing sector for the 12th consecutive months, the report by CBN said.
The CBN had reported 56.3 index points in February from 57.3 index points in January.
The CBN uses non-manufacturing and manufacturing that comprises of Production Level, New Orders, Supplier Delivery Time, Employment Level and Raw material Inventories to measure the index.
According to CBN’s PMI report, “the Manufacturing PMI in the month of March stood at 56.7 index points, indicating expansion in the manufacturing sector for the twelfth consecutive month.
“The index however grew at a faster rate, when compared to the index in the previous month. Of the 14subsectors surveyed, 11 reported growth in the review month in the following order: electrical equipment; cement; petroleum & coal products; food, beverage & tobacco products; chemical & pharmaceutical products; fabricated metal products; paper products; transportation equipment; plastics & rubber products; textile, apparel, leather and footwear and primary metal. The remaining 3 subsectors contracted in the following order: nonmetallic mineral products; furniture & related products and printing & related support activities.”
“At 59.1 points, the production level index for the manufacturing sector grew for the thirteenth consecutive month in March 2018. The index indicated a faster growth in the current month, when compared to its level in the preceding month. Seven of the 14 manufacturing subsectors recorded increase in production level, three remained unchanged, while the remaining four recorded declines in production level during the review month.
“At 56.1 points, the new orders index grew for the twelfth consecutive month, indicating increase in new orders in March 2018. Six subsectors reported growth, 5 remained unchanged while 3 contracted in the review month.
The manufacturing supplier delivery time index stood at 56.6 points in March 2018, indicating faster supplier delivery time for the tenth consecutive month. 10 subsectors recorded improved suppliers’ delivery time, one remained unchanged while three subsectors recorded delayed delivery time.
The employment level index in March 2018 stood at 53.3 points, indicating growth in employment level for the tenth consecutive month. Of the 14 subsectors, 7 subsectors increased their employment level, 2 remained unchanged while 5 reduced their employment level in the review month.
“The Manufacturing sector inventories index grew for the twelfth consecutive month in March 2018. At 59.4 points, the index grew at a faster rate when compared to its level in the previous month. Nine of the 14 subsectors recorded growth, two remained unchanged while three recorded decline in raw material inventories.”
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