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.
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.