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Manufacturing activities expanded in April — CBN

Manufacturing activities expanded in April — CBN

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Oyetunji Abioye

The Central Bank of Nigeria Manufacturing Purchasing Managers’ Index for the month of April stood at 56.9 index points, indicating expansion in the manufacturing sector for the 13th consecutive month.

The report, which was released on Monday, showed that the index grew at a faster rate when compared to the previous month.

Of the 15 subsectors surveyed, 12 reported growth in the review month in the following order: Petroleum and coal products; electrical equipment; appliances and components; printing and related support activities; textile apparel leather and footwear; and fabricated metal products.

Others are chemical and pharmaceutical products; food, beverage and tobacco products; paper products, furniture and related products; plastics and rubber products; and transportation equipment.

The report indicated that the cement sub-sector remained unchanged, while the non-metallic minerals and primary metal subsectors declined in the review month.

The CBN’s manufacturing PMI report further read in part, “At 58.6 points, the production level index for the manufacturing sector grew for the 14th consecutive month in April 2018. The index indicated a slower growth in the current month, when compared to its level in the preceding month.

“Twelve of the 15 manufacturing subsectors recorded increase in production levels, one remained unchanged, while the remaining two recorded declines in production levels during the review. At 55.8 points, new orders index grew for the thirteenth consecutive month, indicating increase in new orders in April 2018.  Seven subsectors reported growth, four remained unchanged while four contracted in the review month.”

The manufacturing supplier delivery time index stood at 57.4 points in April 2018, indicating faster supplier delivery time for the 11th consecutive month.

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