Manufacturing Sector Expands in February

  • Manufacturing Sector Expands in February

The Nigerian manufacturing sector sustained expansion in February for the twenty-third consecutive month, the Central Bank of Nigeria reported on Wednesday.

The manufacturing Purchasing Managers Index stood at 57.1 points in February, below the 58.5 recorded in January.

A total of thirteen of the fourteen subsectors surveyed reported growth in the month under review in the following order: petroleum & coal products; electrical equipment; transportation equipment; plastics & rubber products; food, beverage & tobacco products; textile, apparel, leather & footwear; nonmetallic mineral products; chemical & pharmaceutical products; furniture & related products; printing & related support activities; cement; fabricated metal products; and paper products. Only the primary metal subsector declined in February.

Again, while production level expanded at 57.5 points in the month, the twenty-fourth consecutive month of increase, it was slower than the 59.3 filed in the previous month. Just nine of the fourteen subsectors reported surged in production level, three unchanged, while two declined.

Demand remained healthy, expanding at 56.9 points during the month. The twenty-third consecutive month of increase. However, only twelve subsectors reported growth, one unchanged and remaining one contracted.

Job creation was positive in the sector, stood at 56.3 points in the month. Also, the twenty-second consecutive month of growth.

The expansion rate in February was below what was recorded in January, largely because of the uncertainties surrounding the just-concluded presidential election.

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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