Nigeria’s Manufacturing Sector Expands in January

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  • Nigeria’s Manufacturing Sector Expands in January

Manufacturing activity grew in January as companies increase factory production despite rising business uncertainty ahead of the National Elections.

The Manufacturing Purchasing Managers Index expanded 58.5 in the first month of the year. Its 22nd consecutive month of increase but slower than the number filed in December.

According to the report released by the Central Bank of Nigeria, all the fourteen subsectors surveyed recorded growth in January in the following order: petroleum and coal products; chemical and pharmaceutical products; primary metal; paper products; cement;furniture and related products; printing and related support activities; fabricated metal products; electrical equipment; food, beverage and tobacco products; nonmetallic mineral products; textile, apparel, leather and footwear; plastics and rubber products; and transportation equipment.

Production gauge showed manufacturing production stood at 59.3 during the month. The 23rd consecutive month of increase. Again, 12 of the 14 manufacturing subsectors surveyed increased production, while the remaining two were unchanged.

New orders grew at 58.9, the 22nd month of increase. Eleven of the 14 subsectors experience surged in demands while two remained unchanged and one contracted in January.

Employment in the manufacturing sector stood at 56.4 in January, the 21st consecutive month of increase. Out of the 14 subsectors surveyed, 8 recorded employment growth, 5 subsectors were unchanged while the remaining 1 reported decreased employment in January.

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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