Omodele Adigun
The Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) report for March on both manufacturing and non-manufacturing activities shows sustained expansion as they both notched up to 56.7 and 57.2 points respectively.
The Manufacturing PMI stood at 56.7 index points, indicating expansion in the manufacturing sector for the 12th consecutive month.
The index, however, grew at a faster rate, when compared with the index in the previous month. CBN states that out of the 14 sub-sectors surveyed, 11 reported growth. These include electrical equipment; cement; petroleum & coal products; food, beverage & tobacco products; chemical & pharmaceutical products; fabricated metal products; paper products; transportation equipment; plastics & rubber products; textile, apparel, leather and footwear and primary metal. The remaining three subsectors contracted in the following order: non-metallic mineral products; furniture & related products and printing & related support activities.
The employment level index, however, stood at 53.3 points, indicating growth in employment level for the 10th consecutive month. Of the 14 sub-sectors, seven subsectors increased their employment level, two remained unchanged while five reduced their employment level in the month
The apex bank explains that the composite PMI for the non-manufacturing sector stood at 57.2 points indicating expansion in the non-manufacturing PMI for the 11th consecutive month. Fourteen of the 16 sub-sectors recorded growth in the following order: public administration; utilities; finance & insurance; management of companies; agriculture; electricity, gas, steam & air conditioning supply; professional, scientific, & technical services; water supply, sewage & waste management; educational services; wholesale/retail trade; information & communication; real estate rental & leasing; health care & social assistance; accommodation & food services. The transportation & warehousing; and construction subsectors recorded contraction in the review period
The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month
In February, manufacturing and non-manufacturing activities stood at 56.3 and 56.1 respectively.