Nigeria’s official manufacturing Purchasing Managers’ Index (PMI) in November rose to 59.3 index points from 58.2 in the previous month, the Central Bank of Nigeria (CBN)’s PMI November 2019 report, released yesterday, shows.
According to the CBN: “A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting.”
The apex bank thus stated in its November 2019 PMI report that: “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.”
Specifically, the regulator stated that: “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. The paper products subsector recorded decline in the review period.”
On the production level during the review period, the CBN said: “At 60.1 points, the production level index for manufacturing sector grew for the thirty-third consecutive month in November 2019. The index indicated a faster growth in the current month, when compared to its level in October 2019. Eleven of the 14 manufacturing subsectors recorded increased production level, while 3 recorded decline.”
Similarly, for New Orders, the apex bank, stated: “At 59.4 points, the new orders index grew for the thirty-second consecutive month, indicating increase in new orders in November 2019. The index grew at a faster rate, when compared to its level in October 2019. Ten subsectors reported growth, while 4 remained unchanged in the review month.”
Equally, the CBN stated that the manufacturing supplier delivery time index stood at 58.7 points in November 2019, indicating faster supplier delivery time, adding that the index has recorded growth for thirty consecutive months.
According to the regulator, the employment level and raw material inventories indexes also went up during the review period.
Thus, while the: “Employment level index for November 2019 stood at 57.7 points, indicating growth in employment level for the thirty-first consecutive month,” the Manufacturing sector inventories index, “grew for the thirty-second consecutive month in November 2019. At 60.6 points, the index grew at a faster rate when compared to its level in October 2019,” the CBN added.
On the Non-Manufacturing PMI, the CBN stated: “The composite PMI for the non-manufacturing sector stood at 60.1 points in November 2019, indicating expansion in Non-manufacturing PMI for the thirty-first consecutive month. The index grew at a faster rate when compared to its level in October 2019. All 17 surveyed subsectors recorded growth.”