HOPE MOSES-ASHIKE
The manufacturing and non-manufacturing Purchasing Managers Index (PMI) continued to expand at a faster rate in the month of April, according to the Central Bank of Nigeria (CBN).
The breakdown of the PMI shows that the manufacturing index grew for 13 consecutive months to 56.9 index point in April, from 56.7 index point in the preceding month of March.
For the non-manufacturing sector, the PMI rose to 57.5 index point in the month of April, from 57.2 index point in the month of March.
The report reveals that supplier delivery time, employment level and inventories are growing at a faster rate; production level and new orders grew at a slower rate in April 2018.
The PMI report released on Monday by the CBN shows that 12 out of 15 sub-sectors reported growth in the review month. The sub-sectors include Petroleum and coal products, Electrical equipment, Appliances and components, Printing and related support activities, Textile apparel leather and footwear, Fabricated metal products, Chemical and pharmaceutical products, Food, beverage and tobacco products, Paper products, Furniture and related products, Plastics and rubber products, Transportation equipment.
The Cement sub-sector remained unchanged, while the Non-metallic minerals and Primary metal subsectors declined in the review month.
At 58.6 points, the production level index for the manufacturing sector grew for the fourteenth consecutive month in April 2018. The index indicated a slower growth in the current month, when compared with its level in the preceding month.
The Manufacturing sector inventories index grew for the thirteenth consecutive month in April 2018. At 59.5 points, the index grew at a faster rate when compared with its level in the previous month.
At 58.8 points, the business activity index grew for the thirteenth consecutive month, indicating expansion in business activity in April 2018. The index grew at a faster rate when compared with its level in the previous month.
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