Nigeria’s manufacturing index, inventories drops to 56.8 in July as expansion continues

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The Manufacturing Purchasing Managers’ Index (PMI) in the month of July stood at 56.8 index points, indicating expansion in the manufacturing sector for the sixteenth consecutive month, 0.2 index points slower than that of the previous month, Naija247news has learned.

Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; printing & related support activities; paper products; electrical equipment; primary metal; furniture & related products; non-metallic mineral products; transportation equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; food, beverage & tobacco products; cement; and fabricated metal products. The Plastics & rubber products subsector declined in the review month.

On the other hand, the composite PMI for the non-manufacturing sector stood at 57.7 points in July 2018, indicating expansion in the non‐manufacturing PMI for the fifteenth consecutive month. The index grew at a faster rate when compared to that in June 2018. Sixteen of the 17 subsectors recorded growth.

In terms of inventory, the manufacturing sector’ inventories index grew for the sixteenth consecutive month in July 2018. At 57.4 points, the index grew at a slower rate when compared to its level in the previous month. Twelve of the 14 subsectors recorded growth, while 2 recorded decline in raw material inventories

At 59.0 points, the production level index for the manufacturing sector grew for the seventeenth consecutive month in July 2018. The index indicated a slower growth in the current month, when compared to its level in the preceding month. Twelve of the 14 manufacturing subsectors recorded increase in production level, while 2 remained unchanged.

At 55.8 points, the new orders index grew for the sixteenth consecutive month, indicating increase in new orders in July 2018. Twelve subsectors reported growth, while 2 contracted in the review month.

The manufacturing supplier delivery time index stood at 56.8 points in July 2018, indicating faster supplier delivery time for the fourteenth consecutive month. Nine subsectors recorded improved suppliers’ delivery time, 3 remained unchanged while 2 contracted.

The employment level index in July 2018 stood at 55.0 points, indicating growth in employment level for the fifteenth consecutive month.

Of the 14 subsectors, 9 reported increased employment level, 3 remained unchanged while 2 reported reduced employment level in the review month.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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