The Central Bank of Nigeria (CBN) said Manufacturing Purchasing Managers’ Index (PMI) closes March at 56.7 index points as level of business activities in the country continued to increase.
The 56.3 index points indicated expansion in the manufacturing sector for the 12th consecutive months, the report by CBN said.
The CBN had reported 56.3 index points in February from 57.3 index points in January.
The CBN uses non-manufacturing and manufacturing that comprises of Production Level, New Orders, Supplier Delivery Time, Employment Level and Raw material Inventories to measure the index.
According to CBN’s PMI report, “the Manufacturing PMI in the month of March stood at 56.7 index points, indicating expansion in the manufacturing sector for the twelfth consecutive month.