May 31, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Manufacturing PMI in the month of May stood at 56.5 index points, indicating expansion in the manufacturing sector for the fourteenth consecutive month, according to the latest report from the Central Bank of Nigeria (CBN).
The report says the index grew at a slower rate when compared to the previous month. “Of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: petroleum & coal products; paper products; plastics & rubber products; electrical equipment; food, beverage & tobacco products; cement; chemical & pharmaceutical products; primary metal; printing & related support activities; and textile, apparel, leather & footwear,” the PMI report said.
On the flipside, the transportation equipment; fabricated metal products; nonmetallic mineral products; and furniture & related products subsectors declined in the review month.
The report noted at 58.8 points, the production level index for the manufacturing sector grew for the fifteenth consecutive month in May 2018. “The index indicated a faster growth in the current month, when compared to its level in the preceding month. Nine (9) of the fourteen (14) manufacturing subsectors recorded increase in production level, two (2) remained unchanged, while the remaining three (3) recorded declines in production level during the review month,” the reported added.
According to the CBN, at 54.9 points, the new orders index grew for the fourteenth consecutive month, indicating increase in new orders in May 2018. “Seven (7) subsectors reported growth, two (2) remained unchanged while five (5) contracted in the review month,” the report affirmed.