Manufacturing sector PMI expands by 57.7 index in April
The manufacturing sector’s Purchasing Managers Index (PMI) expanded for the 25th consecutive time by 57.7 points in April compared to 57.4 points in March.
The PMI report released on Friday by the Central Bank of Nigeria (CBN) showed that 12 of the 14 sub sectors surveyed reported growth in the review month.
These include electrical equipment; plastics and rubber products; cement; petroleum and coal products; transportation equipment; food, beverage and tobacco products; nonmetallic mineral products; chemical and pharmaceutical products; furniture and related products; textile, apparel, leather and footwear; printing and related support activities and fabricated metal products.The paper products and primary metal subsectors recorded decline in the review period.
It was revealed in the report that Production level, new orders, employment level and inventories grew at a faster rate while supplier delivery time grew at a slower rate in April 201.
The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month.
A 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 contracting. The subsectors reporting growth are listed in the order of highest to lowest growth, while those reporting contraction are listed in the order of the highest to the lowest contraction.