Manufacturing PMI Expands at Slower Pace in September

• Manufacturing PMI Expands at Slower Pace in September

Manufacturing activity expanded at a slower pace in the month of September, according to the Central Bank of Nigeria.

The manufacturing Purchasing Managers’ Index grew at 56.2 in September, the eighteenth consecutive month of expansion. Still, activity in the sector slowed from 57.2 filed in August as only 10 subsectors reported growth out of the 14 subsectors surveyed.

The remaining 4 subsectors, Petroleum and coal products, Cement, Paper products, and
Primary metal declined in the review month.

Production gauge grew at 58.4, making it the nineteenth consecutive month in September 2018. However, the index indicated a slower growth when compared to the preceding month.

New orders remained strong, growing at 55.5. While employment in the sector expanded at 54.8 in the same month.

Economic uncertainty continued to hurt activity at all levels as business managers appear to be slowing down on inventories ahead of the national election.