WorldStage Newsonline– The Central Bank of Nigeria (CBN) has announced that the country’s Manufacturing Purchasing Managers’ Index (PMI) stood at 57.6 index points as at July, an expansion in the manufacturing sector in 28 consecutive months.
The CBN said the July index grew at a faster rate when compared to the index in the previous month.
It said of the 14 subsectors surveyed, 13 reported growth in the review month in the following order – petroleum and coal products, transportation equipment, cement and printing.
It also reported growth in related support activities like paper products, food, beverage and tobacco products as well as furniture.
“Other related products such as fabricated metal products which include nonmetallic mineral products; plastics and rubber products; primary metal; chemical and pharmaceutical products; and electrical equipment are included.”
According to it, the textile, apparel, leather and footwear subsector recorded decline in the review period.
It added that at 58.9 points, the production level index for the manufacturing sector grew for the 29 consecutive months.
The survey also showed the index indicated a slower growth in the current month, when compared to its level in June.
“Twelve of the 14 manufacturing subsectors recorded increased production level, while two recorded decline.
“At 57.2 points, the new orders index grew for the twenty-eighth consecutive month, indicating increase in new orders in July.
“ Eleven subsectors reported growth, one remained unchanged, while two contracted in the review month.”