The Central Bank of Nigeria Purchasing Managers index (PMI) report for the month of December 2018 showed that manufacturing and non manufacturing sectors sustained expansion profiles.
The Manufacturing PMI in the month stood at 61.1 index points, indicating expansion in the sector for the 21 consecutive months, growing at a faster rate when compared to the previous month.
The PMI survey report released by the Apex Bank showed that 13 of the 14 subsectors surveyed reported growth in the review month.
The sectors according to the CBN include transport, equipment, furniture and related products; printing and related support activities; textile, apparel, leather and footwear; plastics & rubber products; chemical and pharmaceutical products; food, beverage and tobacco products; nonmetallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum and coal products. The primary metal subsector recorded decline in the review period.
The survey showed that at 63.6 points the production level index for the manufacturing sector grew for the 22rd consecutive months in December 2018. The index indicated a faster growth in the current month, when compared to its level in the preceding month, showing that 10 of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while one recorded decreased production level.
The new orders index grew by 62.3 points for the 21 months, indicating increase in new orders in December 2018.
The survey report showed that the manufacturing supplier delivery time index stood at 58.4 points in December 2018, indicating faster supplier delivery time. The index has recorded growth for 19 months as 13 subsectors recorded improved suppliers’ delivery time, while one remained unchanged.
The composite PMI for the non-manufacturing sector stood at 62.3 points within the period under review, indicating expansion in the Non-manufacturing PMI for the 20 consecutive months.
The index grew at a faster rate when compared to that in November 2018.
All the 17 surveyed subsectors recorded growth.
The subsectors reacted positively were repair, maintenance/washing of motor vehicles; information and communication; water supply, sewage and waste management; wholesale/retail trade; professional, scientific, and technical services; accommodation and food services; arts, entertainment and recreation; electricity, gas, steam and air conditioning supply; utilities; finance and insurance; agriculture; transportation and warehousing; educational services; construction; real estate rental & leasing; management of companies; health care and social assistance.
The business activity index grew at 65.2 points for the 21 months, indicating expansion in non-manufacturing business activity in December 2018.
The index grew at a faster rate when compared to its level in the previous month. All 17 subsectors recorded growth in business activity in the review month