The Central Bank of Nigeria (CBN) has said that the Purchasing Managers Index of Nigeria’s manufacturing sector stood at 60.8 index points in December, indicating a 33-month consecutive expansion.
The PMI Survey report released on Monday by the apex bank stated that the index grew at a faster rate when compared to the index in November, stating that all the 14 surveyed subsectors which recorded growth include: “petroleum & coal products; transportation equipment; plastics & rubber products; food, beverage & tobacco products; fabricated metal products; furniture & related products.”
Other subsectors include “primary metal; chemical & pharmaceutical products; printing & related support activities; textile, apparel, leather & footwear; cement; paper products; electrical equipment; and non-metallic mineral products.”
The report stated that the production level of the manufacturing sector also grew for the 34th consecutive month at 61.8 points, indicating a faster growth compared to its level in November 2019.
Meanwhile, 11 of the 14 manufacturing subsectors recorded an increased production level, two remained unchanged while one recorded decline.
Employment level index for December 2019 stood at 58.0 points, indicating growth in employment level for the thirty-second consecutive month. Of the 14 subsectors, 10 reported increased employment level, 3 reported unchanged employment level while 1 reported decreased employment in the review month.