Manufacturing Sector Expands at Slower Rate in January

manufacturing production
  • Manufacturing Sector Expands at Slower Rate in January

Nigeria’s manufacturing activity expanded at a slower rate in the month of January, according to the Central Bank of Nigeria report.

The manufacturing Purchasing Managers’ Index stood at 59.2 in January, while this indicates expansion it was below the 60.8 recorded in the month of December and 59.3 filed in November.

PMI January

Accordingly, out of the 14 subsectors surveyed during the month under review, only 11 reported growth in the following order: petroleum & coal products; transportation equipment; Paper products;Furniture & related products; plastics & rubber products; primary metal; food, beverage & tobacco products; chemical & pharmaceutical products; fabricated metal products; textile, apparel,
leather & footwear and cement.

Activity in the electrical equipment subsector remained flat while Printing & related support activities and Nonmetallic mineral products recorded declines.

On output, the manufacturing production index expanded at 59.6 points in January as nine of the 14 subsectors surveyed recorded increased production level, three were unchanged awhile the remaining two declined. Despite production level growing for thirty-fifth consective month, it was slower than the 61.8 and 60.1 recorded in December and November, respectively.

Similarly, demand in the manufacturing sector grew at 59.7 in January, below 61.5 filed in December when demand was generally high.

“Ten subsectors reported growth, 2 remained unchanged while 2 recorded decline in the review month.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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