Production level of the manufacturing sector of the economy expanded by 12.4 percent to 50.8 basis points in March 2017, from 45.2 basis points in the preceding month, according to the Central Bank of Nigeria (CBN).
The CBN on Friday released the Purchasing Managers Index (PMI) of the manufacturing sector, which stood at 47.7 index points in March 2017, indicating declines in the manufacturing sector for the third consecutive month.
The PMI report revealed that production level expanding from expansion, new orders declining at a slower rate, supplier delivery time improving from worsening condition, employment level declining at a slower rate, and raw material inventories declining at a slower rate.
Seven manufacturing sub-sectors recorded increase in production level during the review month. They include appliances and components; petroleum and coal products; textile, apparel, leather and footwear; food, beverage and tobacco products; cement; computer and electronic products, and furniture and related products.
The non-metallic mineral products sub-sector remained unchanged, while the primary metal; transportation equipment; electrical equipment; plastics and rubber products; paper products; chemical and pharmaceutical products; printing and related support activities; and fabricated metal products recorded declines in production in March 2017.
The report showed that the new orders at 45.6 points, the index declined for the third consecutive month but at a slower rate when compared to the level achieved in February 2017.
Twelve sub-sectors recorded declines including primary metal; plastics and rubber products; petroleum and coal products; printing and related support activities; electrical equipment; transportation equipment; computer and electronic products; paper products; fabricated metal products; furniture and related products; cement; and non-metallic mineral products.
The remaining four sub-sectors grew in the following order: appliances and components; food, beverage and tobacco products; textile, apparel, leather and footwear; and chemical and pharmaceutical products.
