Nigeria’s Manufacturing Index Growth expands by 61.1 index in December

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Manufacturing in Nigeria expanded by 63.6 index points in December 2018, the production level index for the manufacturing sector grew for the twenty-second consecutive months in December 2018. The index indicated a faster growth in the current month, when compared to its level in the preceding month. A total of 10 out of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while one recorded decreased production level.

According to Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) stood at 61.1 index points in December, indicating an expansion in the manufacturing sector for the twenty-first consecutive months month. The index grew at a faster rate when compared to the index in the previous month.

Thirteen of the 14 sub sectors surveyed reported growth in the review month in the following order: transportation equipment; furniture & related products; printing & related support activities; textile, apparel, leather & footwear; plastics & rubber products; chemical & pharmaceutical products; food, beverage & tobacco products; non-metallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum & coal products.

However, on the downside, the primary metal sub sector recorded decline in the review period. Also, the composite PMI for the non-manufacturing sector stood at 62.3 points in December 2018, indicating expansion in the Non-manufacturing PMI for the twentieth consecutive months. On Non-Manufacturing the PMI Report states that the index grew at a faster rate when compared to that in November 2018.

All the 17 surveyed subsectors recorded growth in the following order: repair, maintenance/washing of motor vehicles; information & communication; water supply, sewage & waste management; wholesale/retail trade; professional, scientific, & technical services; accommodation & food services; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; utilities; finance & insurance; agriculture; transportation & warehousing; educational services; construction; real estate rental & leasing; management of companies; health care & social assistance.

The report revealed that employment level index in December 2018 stood at 57.0 points, indicating growth in employment level for the twentieth consecutive months.

The Manufacturing sector inventories index grew for the twenty-first consecutive months in December 2018. At 63.2 points, the index grew at a faster rate when compared to its level 58.7 points in the November 2018.

The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month.

The composite PMI for the non-manufacturing sector stood at 62.3 points in December 2018, indicating expansion for the 20th consecutive months. The index grew at a faster rate when compared to 58.4 index points in November 2018

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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.