Nigeria’s October Manufacturing PMI Expands To 58.2 Points

4 years ago

Nigeria’s October Manufacturing PMI Expands To 58.2 Points

The Manufacturing PMI in the month of October stood at 58.2 index points, indicating expansion in the manufacturing sector for the thirty-first consecutive month.

The index grew at a faster rate when compared to the index in September. Thirteen of the 14 surveyed subsectors reported growth in the review month in the following order: petroleum & coal products; cement; electrical equipment; furniture & related products; fabricated metal products; printing & related support activities; textile, apparel, leather & footwear; food, beverage & tobacco products; nonmetallic mineral products; plastics & rubber products; primary metal; chemical & pharmaceutical products; and transportation equipment. The paper products subsector recorded decline in the review period.

The October 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period October 7-11, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). The Bank makes no representation regarding the individual companies, other than the information they have provided. The data contained herein further provides input for policy decisions.

Production Level

At 59.3 points, the production level index for the manufacturing sector grew for the thirty-second consecutive month in October 2019. The index indicated a faster growth in the current month when compared to its level in September 2019. Eleven of the 14 manufacturing subsectors recorded an increased production level, while 3 recorded decline

New Orders

At 57.9 points, the new orders index grew for the thirty-first consecutive month, indicating an increase in new orders in October 2019. The index grew at a faster rate when compared to its level in September 2019. Nine subsectors reported growth, 2 remained unchanged, while 3 contracted in the review month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 58.6 points in October 2019, indicating faster supplier delivery time. The index has recorded growth for twenty-ninth consecutive months. Nine of the 14 subsectors recorded improved suppliers’ delivery time, while 5 remained unchanged in the review period.

Employment Level

The employment level index for October 2019 stood at 56.8 points, indicating growth in employment level for the thirtieth consecutive month. Of the 14 subsectors, 11 reported increased employment level, 1 reported unchanged employment level while 2 reported decreased employment in the review month.

Raw material Inventories

The Manufacturing sector inventories index grew for the thirty-first consecutive month in October 2019. At 58.6 points, the index grew at a faster rate when compared to its level in September 2019. Ten of the 14 subsectors recorded growth, 2 remained unchanged, while 2 reported declined raw material inventories in the review month.