The Purchasing Managers Index (PMI) report for July, 2018, posted by the Central Bank of Nigeria (CBN) has indicated a further expansion in economic activities for the seventeenth consecutive months.
The report noted that out of 30 sub-sectors surveyed in the manufacturing and non-manufacturing sectors, 28 sub-sectors recorded growth in the review month. The report stated: “The Manufacturing PMI in the month of July stood at 56.8 index points, indicating expansion in the manufacturing sector for the sixteenth consecutive month. The index however grew at a slower rate when compared to the previous month.”
Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; printing & related support activities; paper products; electrical equipment; primary metal; furniture & related products; non-metallic mineral products; transportation equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; food, beverage & tobacco products; cement; and fabricated metal products. The Plastics & rubber products subsector declined in the review month.
“The composite PMI for the non-manufacturing sector stood at 57.7 points in July 2018, indicating expansion in the Non-manufacturing PMI for the fifteenth consecutive month. The index grew at a faster rate when compared to that in June 2018.”