The Central Bank of Nigeria’s (CBN) Purchasing Manager’s Index (PMI) for the month of July 2019, has shown expansion in the economy. According to the PMI report for July released Wednesday, showed that Manufacturing PMI stood at 57.6 points in July, compared with the 57.4 points recorded in June.
This indicated an expansion in the manufacturing sector for the 28th consecutive month. The index grew at a faster rate when compared to the index in the previous month, according to the report. Of the 14 sub-sectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; transportation equipment; cement; printing & related support activities; paper products; food, beverage & tobacco products; furniture & related products; fabricated metal products; nonmetallic mineral products; plastics & rubber products; primary metal; chemical & pharmaceutical products; and electrical equipment.
The textile, apparel, leather & footwear sub-sector recorded decline in the review period. At 58.9 points, the production level index for the manufacturing sector also grew for the 29th consecutive month in July 2019. The index indicated a slower growth in the current month, when compared to its level in the month of June 2019.