CBN: Nigeria’s manufacturing sector expands for 3rd consecutive month

Nigeria’s manufacturing sector has witnessed expansion for the third consecutive month, according to data released by the Central Bank of Nigeria (CBN).

The News Agency of Nigeria (NAN) reports that the Purchasing Manager’s Index (PMI) which measures the size of the nation’s manufacturing sector rose to 52.9 index points at the end of June.

This figure showed a 0.4 per cent increase from 52.5 per cent of its value in May, 2017.
According to the CBN data, 12 of the 16 subsectors reported growth in the review month in the following order: computer & electronic products; paper products; plastics & rubber products.

Others included primary metal, transportation equipment, petroleum & coal products, appliances & components, textile, apparel, leather & footwear, furniture & related products. Electrical equipment, food, beverage & tobacco products and fabricated metal products also made the list.

The remaining four sub-sectors which declined in the order included non metallic mineral products, cement, chemical & pharmaceutical products and printing & related support activities

“Composite PMI above 50 points indicates that the manufacturing/non manufacturing economy is generally expanding.

“50 points indicates no change and below 50 points indicates that it is generally declining,’’ the data showed.