Nigeria’s Manufacturing Activity Expands in March

Steel Manufacture At Evraz Plc West-Siberian Metallurgical PlantCooling water spays onto a length of red hot steel as it passes through the rolling mill at the Evraz Consolidated West-Siberian Metallurgical Plant, operated by Evraz Plc, in Novokuznetsk, Russia, on Tuesday, Nov. 24, 2015. Photographer: Andrey Rudakov
  • Nigeria’s Manufacturing Activity Expands in March

Manufacturing activity expanded for the 24th consecutive month in March.

The manufacturing Purchasing Managers’ Index grew to 57.4 in March, up from 57.1 recorded in February.

Business activity surged in the sector despite the uncertainty surrounding the elections and weak business sentiment that trails the announcement of the results.

According to the report released by the Central Bank of Nigeria, eleven of the 14 subsectors surveyed recorded growth in the following order: cement; food, beverage & tobacco products; fabricated metal products; furniture & related products; paper products; chemical & pharmaceutical products; plastics & rubber products; electrical equipment; printing & related support activities; transportation equipment and non-metallic mineral products.

While the textile, apparel, leather & footwear; petroleum & coal products and primary metal subsectors reported a decline in the month under review.

Production in the sector grew for the 25tth consecutive month at 58.3 points, again up from 57.5 points recorded in February.

“The employment level index for March 2019 stood at 56.9 points, indicating growth in employment level for the twenty-third consecutive month.

“Of the 14 sub-sectors, nine reported increased employment level, one reported unchanged employment level while four reported decreased employment in the review month.

“The manufacturing sector inventories index grew for the 24th consecutive month in March 2019. At 57.1 points, the index grew at a faster rate when compared to its level in February 2019. “Eight of the 14 sub-sectors recorded growth, three recorded unchanged, while three reported declined raw material inventories in the review month,” the report stated.

About the Author

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

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