Nigeria’s Manufacturing Activity Expands 11th Consecutive Month

By Modupe Gbadeyanka

For the eleventh consecutive month, the Manufacturing PMI in the month of February expanded to close at 56.3 index points.

However, the index grew at a slower rate when compared to that in the previous month, data by the Central Bank of Nigeria (CBN) revealed.

Of the 15 subsectors surveyed, 10 reported growth in the review month in the order of 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 order of printing & related support activities; cement; non-metallic mineral products; fabricated metal products; and transportation equipment.

At 57.8 points, the production level index for the manufacturing sector grew for the twelfth 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, 6 remained unchanged, while the remaining 3 recorded declines in production level during the review month.

For the composite PMI for the non-manufacturing sector, it stood at 56.1 points in February 2018, indicating expansion in the Non-manufacturing PMI for the tenth consecutive month.

Eleven of the 16 subsectors recorded growth in the following order: information & communication; wholesale/retail trade; educational services; management of companies; utilities; finance & insurance; agriculture; health care & social assistance; construction; electricity, gas, steam & air conditioning supply; and professional, scientific, & technical services.

The real estate rental & leasing remained unchanged, while the public administration; water supply, sewage & waste management; accommodation & food services; and transportation & warehousing subsectors recorded contraction in the review period.