Manufacturing sector PMI expands to 57.8 points in May

The Purchasing Managers Index (PMI) of the manufacturing sector of the economy expanded to 57.8 points in May from 57.7 in the previous month.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) while addressing the media after Monetary policy Committee (MPC) meeting on Tuesday said the manufacturing and non-manufacturing growth were driven by Production level, supplier delivery time and employment level grew,which grew at a faster rate.

The CBN on Tuesday released the PMI report for the month of May which show that 13 out of the 14 manufacturing sub-sectors surveyed reported growth in the review month.

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These include: transportation equipment; electrical equipment; petroleum and coal products; paper products; cement; food, beverage and tobacco products; plastics and rubber products; chemical and pharmaceutical products; fabricated metal products; furniture and related products; nonmetallic mineral products; textile, apparel, leather and footwear and printing and related support activities. The primary metal subsector recorded decline in the review period.

At 59.1 points, the production level index for the manufacturing sector grew for the twenty-seventh consecutive month in May 2019. The index indicated a faster growth in the current month, when compared to its level of 58.8 index points in the month of April 2019.

The composite PMI for the non- manufacturing sector stood at 58.9 points in May 2019, indicating expansion in the Non-manufacturing PMI for the 25th consecutive month. The index grew at a faster rate when compared to its level of 58.7 in April 2019.

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.