Nigeria’s September Manufacturing PMI expands to 57.7 points

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

CBN Revises Timelines for Dispense Errors, Refund Complaints

The Central Bank of Nigeria (CBN), in its determination to further enhance service quality, particularly quick refunds when customers experience...
Nigeria's September Manufacturing PMI expands to 57.7 pointsNigeria's September Manufacturing PMI expands to 57.7 points

The Central Bank of Nigeria (CBN) has disclosed that in the month of September 2019, the manufacturing sector in the country recorded an expansion in its 30th consecutive, though the growth in the month was slower than the one achieved last month.

In its latest Purchasing Managers’ Index (PMI) reading, the central bank said the sector printed 57.7 index points and that 13 of the 14 surveyed subsectors reported growth in the review month.

These subsectors are cement; petroleum & coal products; food, beverage & tobacco products; transportation

equipment; printing & related support activities; chemical & pharmaceutical products; furniture & related products; fabricated metal products; nonmetallic mineral products; electrical equipment; textile, apparel, leather & footwear; plastics & rubber products; and primary metal.

- Advertisement -

However, the paper products sub-sector recorded decline in the review period.

For the non-manufacturing sector, the composite PMI stood at 58.0 points in September 2019, indicating

expansion for the 29th consecutive month and the index also grew at a slower rate when compared with its level in August 2019.

The CBN said 14 of the 17 surveyed subsectors recorded growth in utilities; information & communication; wholesale/retail trade; arts, entertainment & recreation; transportation & warehousing; agriculture; repair, maintenance/washing of motor vehicles; construction; finance & insurance; accommodation & food services; educational services; health care & social assistance; real estate rental & leasing; and electricity, gas, steam & air conditioning supply.

Read Also:  Stanbic IBTC partners once more with FMDQ OTC PLC in renewal of its NGN100 billion Multicurrency Commercial Paper Programme
- Advertisement -

However, the management of companies subsector remained unchanged, while the water supply, sewage & waste management; and professional, scientific, & technical services sub-sectors contracted in the review period.

The apex bank said it arrived at the figures through a PMI survey conducted by its Statistics Department during the period September 9-13, 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).

- Advertisement -
Nigeria's September Manufacturing PMI expands to 57.7 pointsNigeria's September Manufacturing PMI expands to 57.7 points

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria's September Manufacturing PMI expands to 57.7 pointsNigeria's September Manufacturing PMI expands to 57.7 points

Latest News

FMDQ Exchange Admits Flour Mills of Nigeria’s ₦30.00bn Commercial Paper Notes

Committed to the continuous empowerment of the Nigerian financial market and the provision of uninterrupted services to all stakeholders,...

Nigeria: Manufacturing PMI drops to 42.4

The Manufacturing Purchasing Managers’ Index (PMI) for May dropped to 42.4 from 51.1 points in March. This is the lowest since April 2017. The...

Zenith Bank Emerges Best Bank in Nigeria In The Global Finance World’s Best Banks Awards 2020

Zenith Bank Plc, Nigeria’s leading financial institution, has emerged as the Best Bank in Nigeria in the recently released Global Finance Magazine World’s Best...

Google Launches ‘Plus Codes’ to identify locations without addresses

While most people take having a fixed, physical address for granted, 2 billion people across the globe either don’t have an address or have...

Kings of Finance: GTBank Named Africa’s Most Admired Finance Brand

Guaranty Trust Bank plc has been ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigeria's September Manufacturing PMI expands to 57.7 pointsNigeria's September Manufacturing PMI expands to 57.7 points