February 28, 2018/CBN
The February 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period February 12 – 20, 2018. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 27 locations in Nigeria (Fig. 1). The Bank makes no representation regarding the individual companies, other than the information they have provided. The data contained herein further provides input for policy decisions.
1.1 Data and Method of Presentation
The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses indicating the changes in the level of business activities in the current month compared with the preceding month. For each of the indicators measured, this report shows the diffusion index of the responses. The diffusion index is computed as the percentage of responses with positive change plus half of the percentage of those reporting no change, except for supplier delivery time, which is computed as the percentage of responses with negative change plus half of the percentage of those reporting no change. The composite PMI for the manufacturing sector is computed as the weighted average of five diffusion indices: production level, level of new orders, suppliers’ delivery time, employment level and raw materials inventory/work in progress, with assigned weights of 25%, 30%, 15%, 10% and 20%, respectively.
The composite PMI for the non-manufacturing sector is computed from four diffusion indices: business activity, level of new orders, employment level and raw materials inventory, with equal weights of 25% each.
A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting. The subsectors reporting growth are listed in the order of highest to lowest growth, while those reporting contraction are listed in the order of the highest to the lowest contraction.