Nigeria’s economic expansion dips in January as manufacturing PMI expands

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Lagos Nigeria — The Central bank of Nigeria (CBN) yesterday released its Purchasing Managers Index (PMI) report for January which indicated slowdown in economic expansion during the month.

Economy The report showed that the Manufacturing PMI dropped to 58.5 percent in January from 61.1 percent in December.

Similarly, the Non Manufacturing PMI dropped to 60.1 percent in January from 62.3 percent in December.

The report showed that out of the 31 subsectors surveyed for the report, 30 subsectors recorded growth while one subsector contracted.

The report said: “The Manufacturing PMI in the month of January stood at 58.5 index points, indicating expansion in the manufacturing sector for the twenty-second consecutive month.

The index grew at a slower rate when compared to the index in the previous month.

“All 14 subsectors surveyed reported growth in the review month in the following order: petroleum & coal products; chemical & pharmaceutical products; primary metal; paper products; cement; furniture & related products; printing & related support activities; fabricated metal products; electrical equipment; food, beverage & tobacco products; nonmetallic mineral products; textile, apparel, leather & footwear; plastics & rubber products; and transportation equipment.”

“The composite PMI for the non-manufacturing sector stood at 60.1 points in January 2019, indicating expansion in the Non-manufacturing PMI for the twenty-first consecutive month.

“The index grew at a slower rate when compared to that in December 2018.

Of the 17 surveyed subsectors, 16 recorded growth in the following order: utilities; repair, maintenance/washing of motor vehicles; professional, scientific, & technical services; educational services; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; information & communication; finance & insurance; wholesale/retail trade; real estate rental & leasing; construction; health care & social assistance; agriculture; accommodation & food services; transportation & warehousing; and water supply, sewage & waste management.

The management of companies subsector remained unchanged during the review period.”

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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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