Raw materials and inventory, which expanded by 2.5 points, led in the manufacturing Purchasing Managers Index (PMI) rise for the month of August.
The Central Bank of Nigeria (CBN) on Monday released the PMI report, which showed that the manufacturing PMI in the month of August stood at 57.9 index points, indicating expansion in the sector for the twenty-ninth consecutive month.
The index grew at a faster rate when compared to 57.5 index in July. Of the 14 subsectors surveyed, 13 reported growth in the review month.
The report indicated that supplier delivery time and raw materials inventories grew at a faster rate, while production level, new orders and employment level grew at a slower rate in August 2019.
On the non-manufacturing sector, the composite PMI stood at 58.8 points in August 2019, indicating expansion in the Non-manufacturing PMI for the twenty-eighth consecutive month. The index grew at a faster rate when compared to its level 58.7 points in July 2019.
HOPE MOSES-ASHIKE
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
