The manufacturing sector expanded slowly this month as Purchasing Managers Index (PMI) stood at 57.7 index points in September 2019 from 57.9 points in the preceding month.
The PMI report released by the Central Bank of Nigeria (CBN) on Monday, shows that the sector expanded for the 30th consecutive month.
A composite PMI above 50 points indicates that the manufacturing/non-
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The report shows that production level, employment level and raw materials inventories grew at a slower rate, while new orders and supplier delivery time grew at a faster rate in September 2019.
Thirteen of the 14 surveyed subsectors reported growth in the review month. These included cement; petroleum and coal products; food, beverage and tobacco products; transportation equipment; printing and related support activities; chemical and pharmaceutical products; furniture and related products; fabricated metal products; non-metallic mineral products; electrical equipment; textile, apparel, leather and footwear; plastics and rubber products; and primary metal. The paper products subsector recorded decline in the review period.
Also, the non-manufacturing sector expanded slowly as the composite PMI for the non manufacturing sector stood at 58.0 points in September 2019, compared to 58.8 points in August the same year. The sector expanded for the 29th consecutive time.
Consequently, business activity, new orders and inventories grew at a slower rate, while employment level grew at a faster rate in September 2019.
