CBN Purchasing Managers Index Up By 59.3 Percent In November

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The Central Bank of Nigeria (CBN) on Wednesday November 27, 2019, released its Purchasing Managers Index report, which indicated that expansion in the nation’s economy for the thirty-second consecutive month in November 2019. The apex bank disclosed yesterday in its Purchasing Managers Index (PMI) report for November 2019.

The report showed that the Manufacturing PMI rose by 1.1 index points to 59.3 index points from 58.2 index points in October 2019. The report further showed that the Non-Manufacturing PMI rose by 1.9 points to 60.1 index points in November from 58.2 index points in October. According to the report, 30 out of the 31 subsectors surveyed recorded growth. The report stated:”

The Manufacturing PMI in the month of November stood at 59.3 index points, indicating expansion in the manufacturing sector for the thirty-second consecutive month. “The index grew at a faster rate when compared to the index in October.

Thirteen of the 14 surveyed subsectors reported growth in the review month in the following order: transportation equipment; petroleum & coal products; furniture & related products; electrical equipment; plastics & rubber products; food, beverage & tobacco products; nonmetallic mineral products; printing & related support activities; cement; fabricated metal products; primary metal; chemical & pharmaceutical products; and textile, apparel, leather & footwear.

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