By Tunde Osho
The Manufacturing Purchasing Managers’ Index (PMI) in the month of March stood at 56.7 index points, the Central Bank of Nigeria (CBN) disclosed yesterday.
According to the monthly report released yesterday, the expansion indicated a growth in the manufacturing sector for the 12th consecutive month.
The index however grew at a faster rate, when compared to the index in the previous month.
Of the 14 sub-sectors surveyed, 11 reported growth in the review month in the following order: electrical equipment; cement; petroleum & coal products; food, beverage & tobacco products; chemical & pharmaceutical products; fabricated metal products; paper products; transportation equipment; plastics & rubber products; textile, apparel, leather and footwear and primary metal.
The remaining three sub-sectors contracted in the following order: non-metallic mineral products; furniture & related products and printing & related support activities.
Also, the report stated that at 59.1 points, the production level index for the manufacturing sector grew for the 13th consecutive month in March 2018.
The index indicated a faster growth in the current month, when compared to its level in the preceding month.
Seven of the 14 manufacturing sub-sectors recorded increase in production level; three remained unchanged, while the remaining four recorded declines in production level during the review month.
Furthermore, it showed that at 56.1 points, the new orders index grew for the 12thconsecutive month, indicating increase in new orders in March 2018.
Six sub-sectors reported growth; five remained unchanged while three contracted in the review month.
“The manufacturing supplier delivery time index stood at 56.6 points in March 2018, indicating faster supplier delivery time for the tenth consecutive month,” it stated.