- Nigeria’s Manufacturing PMI Grows at Faster Rate in October
The manufacturing sector expanded at a faster pace in October for the first time in over two months.
The Manufacturing Purchasing Managers’ Index stood at 56.8 last month, higher than the 56.2 recorded in September, according to the Central Bank of Nigeria. Representing the nineteenth consecutive months of increase.
Out of the 14 subsectors surveyed by the CBN, 13 subsectors recorded growth in the following order: electrical equipment; petroleum and coal products; printing and related support activities; cement; chemical and pharmaceutical products; textile, apparel, leather and footwear; furniture & related products; transportation equipment; plastics and rubber products; food, beverage and tobacco products; fabricated metal products; nonmetallic mineral products; and paper products. The primary metal subsector declined in the review month.
Manufacturing production surged during the month to 58.9, faster when compared to the 58.4 recorded in September and represent the twentieth consecutive month of increase.
Demand for new orders remained high, rising from 55.5 in September to 56.8 points in October. Again, the nineteenth consecutive month, indicating an increase in new orders in October 2018.