The Manufacturing and non manufacturing Purchase Manager index (PMI) for the month of June showed an expansion for the 15 and 14 consecutive months.
The index released by the Central Bank of Nigeria (CBN) showed that manufacturing sector grew at a faster rate, standing at 57.0 points compared to the figure in the previous month.
The CBN index survey also indicated that of the 14 subsectors surveyed, 10 reported growth in the review month. The paper products; furniture & related products; printing & related support activities; food, beverage & tobacco products; plastics & rubber products; electrical equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; petroleum & coal products and nonmetallic mineral products took positive trend while transportation equipment; fabricated metal products; primary metal; and cement subsectors declined in the review month.
The report showed that at 59.2 points, the production level index for the manufacturing sector sustained growth profile compared with its level in the preceding month. the result indicated that 10 of the 14 manufacturing subsectors recorded increase in production level, one remained unchanged, while the remaining 3 recorded declines in production level during the review month.
Also, the employment level index in June this year stood at 55.4 points, indicating growth in employment level for the fourteenth consecutive month.
The Manufacturing sector inventories index also grew to 57.7 points, but at a slower rate when compared to its level in the previous month.
Meanwhile, the composite PMI for the non-manufacturing sector stood at 57.5 points in June, indicating expansion at a faster rate when compared to that in May 2018. The report survey showed that 14 of the 17 subsectors recorded growth ranging from repair, maintenance/ washing of motor vehicles; agriculture; information & communication; professional, scientific, & technical services; finance & insurance; utilities; water supply, sewage & waste management; health care & social assistance; real estate rental & leasing; electricity, gas, steam & air conditioning supply; wholesale/retail trade; construction; management of companies to transportation & warehousing. The arts, entertainment & recreation subsector remained unchanged, while the accommodation & food services; and educational services subsectors recorded contraction in the review period
The business activity index stood at 59.1 points for the 15 consecutive month, indicating expansion in non-manufacturing business activity.
The index according to CBN grew at a faster rate when compared to its level in the previous month. The report showed that 12 subsectors recorded growth in business activity, three remained unchanged while two declined in the review month