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Manufacturing index hit 56.3 points in February – CBN

Manufacturing index hit 56.3 points in February – CBN

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The Central Bank of Nigeria’s manufacturing Purchasing Managers’ Index hit 56.3 index points in February, the CBN’s PMI survey report showed on Wednesday.

 The manufacturing PMI had hit 57.3 index points in January.

The CBN stated that the 56.3 index points indicated expansion in the manufacturing sector for the 11th consecutive months.

The PMI index however grew at a slower rate, when compared to that in the previous month, the regulator said.

The CBN uses production level, new orders, supplier delivery time, employment level and raw material inventories to measure the PMI every month.

The report read in part, “Of the 15 subsectors surveyed, 10 reported growth in the review month in the following order: Plastics  rubber products; textile, apparel, leather & footwear; appliances  components; paper products; primary metal; petroleum & coal products; chemical & pharmaceutical products; food, beverage & tobacco products; electrical equipment and furniture & related products.

“The remaining five subsectors contracted in the following order: printing & related support activities; cement; nonmetallic mineral products; fabricated metal products; and transportation equipment.”

On production, the CBN report stated that, “At 57.8 points, the production level index for the manufacturing sector grew for the 12th consecutive month in February 2018.

“The index indicated a slower growth in the current month, when compared to its level in the preceding month. Six of the 15 manufacturing subsectors recorded increase in production level, six remained unchanged, while the remaining three recorded declines in production level during the review month.

According to the CBN, new orders in February stood at 55.6 points, a growth in 11thconsecutive month, indicating increase in new orders in February 2018.

On supplier delivery time, the PMI report said, “The manufacturing supplier delivery time index stood at 57.0 points in February 2018, indicating faster supplier delivery time for the ninth consecutive month. Six subsectors recorded improved suppliers’ delivery time, 7 remained unchanged while 2 subsectors recorded delayed delivery time.

“The employment level index in February 2018 stood at 53.9 points, indicating growth in employment level for the tenth consecutive month. Of the 15 subsectors, 6 subsectors increased their employment level, 2 remained unchanged while 7 reduced their employment level in the review month.

“The Manufacturing sector inventories index grew for the eleventh consecutive month in February 2018.

“At 58.1 points, the index grew at a faster rate when compared to its level in the previous month. Nine of the 15 subsectors recorded growth, five remained unchanged while one recorded decline in raw material inventories.”

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