x

CBN says Nigeria records 57.1 PMI points as at February

By Peter John

The Central Bank of Nigeria (CBN), said the Manufacturing Purchasing Managers’ Index (PMI) stood at 57.1 index points as at February, indicating an expansion in the manufacturing sector for 23 consecutive months.

The CBN said this in its monthly “Purchasing Managers’ Index (PMI) Survey Report’’ by the Statistics Department posted on its Website.

The report said the index grew at a slower rate when compared to 58.5 index points recorded in February.

According to the report, 13 out of the 14 sub-sectors assessed reported growth in the month reviewed in petroleum and coal products, electrical equipment, transportation equipment; plastics and rubber products, food, beverage and tobacco products.

The other sectors the report said include textile, apparel, leather and footwear, nonmetallic mineral products, chemical and pharmaceutical products, furniture and related products, printing and related support activities, cement, fabricated metal products, and paper products.

The report, however, said the primary metal subsector declined in the period reviewed.

It said at 57.5 points, the production level index for the manufacturing sector grew for the 24 consecutive month in February 2019.

The report said the index indicated a slower growth in the month under review when compared to its level in the preceding month.

It said nine of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while two recorded decline.

The report further said that the manufacturing supplier delivery time index stood at 58.2 points in the period under review, indicating slower supplier delivery time.

According to the report, the index has recorded growth for 21 consecutive months.

It said all 14 subsectors recorded improved suppliers’ delivery time in the review period.

The report also said the employment level index for February stood at 56.3 points, indicating growth in employment level for the 22 consecutive months.

Out of the 14 subsectors, the report said eight reported increased employment level, five reported unchanged employment level, while one reported decreased employment in the period under review.

Daybreak.ng reports that the PMI is an indicator of business activity in both the manufacturing and services sectors.

It is a survey-based measure that seeks to know about changes in some key business variables from the previous month.

Hot this week

Nigeria @ 65: Wike Assures Abuja Residents of First Class Infrastructure

By Joyce Remi-BabayejuAs Nigeria marks 69 , the FCT...

Nigeria@65: Shendam Council Chairman Urges Youths to Embrace Technology, Innovation

By Israel Adamu, JosThe Chairman of Shendam Local Government...

How l became a consultant inside Kaduna Prison – Journalist Idibia

MY STORYBy Idibia GabrielIt is Interesting but hazardous to...

Minister Nnaji’s Certificate Scandal: CACOL Demands Immediate Sack and Prosecution

***By Jabiru Hassan**The Centre for Anti-Corruption and Open Leadership...

Minister Nnaji’s Certificate Scandal: CACOL Demands Immediate Sack and Prosecution

***By Jabiru Hassan**The Centre for Anti-Corruption and Open Leadership...

CSO Calls for Abolition of CBN’s 2% Service Charge on Hajj Fare

**By Jabiru Hassan**The Independent Hajj Reporters (IHR), a civil...

Engr. Abba Kabir Yusuf Deserves Royal Treatment

**By Kamaluddeen Sani Shawai**When a leader restores hope and...

Ogwashi-Uku Union Accuses ODA of Attempting to Incite Unrest

*...Says Allegations Against Monarch Baseless***By Anne Azuka**The Ogwashi-Uku Town...

Interfaith Mediation Centre to Host October 2025 Climate Hangout in Kaduna

**By Achadu Gabriel, Kaduna**The Interfaith Mediation Centre (IMC) is...

LAND USE CHARGE: KGIRS Offers Rebates, Urges Property Owners to Pay Voluntarily

**By Noah Ocheni, Lokoja**The Kogi State Internal Revenue Service...

APC National Chairman Nentawe Launches 14-Day Free Medical Outreach in Plateau

**By Israel Adamu, Jos**The National Chairman of the All...

Ododo Storms Isanlu-Esa, Vows to Crush Criminality in Kogi

**By Noah Ocheni, Lokoja**Kogi State Governor, Alhaji Ahmed Usman...

Related Articles

Popular Categories

spot_imgspot_img