CBN’s Survey Shows Manufacturing Sector Growing
The Purchasing Managers’ Index in the month of July stood at 57.6 index points, indicating expansion in the manufacturing sector for the 28th consecutive month.
The Central Bank of Nigeria’s statistics department disclosed in its July survey report on Purchasing Managers’ Index on Wednesday.
The index grew at a faster rate when compared to the index in the previous month. Of the 14 sub-sectors surveyed, 13 reported growth in the review month in specific orders.
The orders were petroleum and coal products; transportation equipment; cement; printing and related support activities; paper products; food, beverage and tobacco products; furniture and related products; fabricated metal products; non-metallic mineral products; plastics & rubber products; primary metal; chemical and pharmaceutical products; and electrical equipment.
The textile, apparel, leather and footwear subsector recorded decline in the review period.
At 58.9 points, the production level index for the manufacturing sector grew for the 29th consecutive month in July 2019.
The index indicated a slower growth in the current month, when compared to its level in the month of June 2019.
12 of the 14 manufacturing subsectors recorded increased production level, while two recorded decline.
At 57.2 points, the new orders index grew for the 28th consecutive month, indicating increase in new orders in July 2019.
11 sub-sectors reported growth; one remained unchanged, while two contracted in the review month.
The manufacturing supplier delivery time index stood at 57.5 points in July 2019, indicating faster supplier delivery time.
The index had recorded growth for 26th consecutive months.
10 of the 14 sub-sectors recorded improved suppliers’ delivery time, while one remained unchanged and three recorded decline in the review period.