Nigeria’s Manufacturing Index declines further in October
From 42.5 index points at the end of September 2016, the Manufacturing Purchasing Manager’s Index (PMI) of the country came down to 44.1at the end of October 2016.
According to the data from the Central Bank of Nigeria (CBN) website, the PMI report for October posted on its website on Tuesday, said the current position of the PMI indicated a slowing decline in the manufacturing sector during the review period.
The data also shows that at 42.3 index points, the production level index for manufacturing sector declined for the 10th consecutive month, but at a slower rate than the index recorded in September 2016.
Similarly, 13 manufacturing sub-sectors recorded declining production level during the review month in the following order: transportation equipment; petroleum & coal products; electrical equipment; primary metal; computer & electronic products; fabricated metal products; plastics & rubber products; furniture & related products; nonmetallic mineral products; printing & related support activities; paper products; textile, apparel, leather & footwear and chemical & pharmaceutical products.
The appliances & components and cement sub-sectors remained unchanged, while the food, beverage & tobacco products sub-sector grew in the review period.
Further analysis of the data shows that 14 of the 16 sub-sectors surveyed recorded declines in the review month in the following order: electrical equipment; primary metal; fabricated metal products; petroleum & coal products; transportation equipment; computer & electronic products; printing & related support activities; nonmetallic mineral products.
Others are plastics & rubber products; furniture & related products; paper products; textile, apparel, leather & footwear; cement and chemical & pharmaceutical products. The remaining two sub-sectors grew in the order: appliances & components and food, beverage & tobacco products.
