Story by Kayode Tokede
The Central Bank of Nigeria (CBN) on Monday said its Manufacturing Index dropped by 0.2 index to 57.7 index in September from 57.9 index reported in August.
The Purchasing Managers’ Index (PMI) Survey Report of the apex bank indicated expansion in the manufacturing sector for the 30th consecutive month in September 2019.
The PMI report comprises of Manufacturing and non-manufacturing indices.
The manufacturing index consist of production level, new order, supplier delivery time, employment level and raw material inventories.
According to the report, the manufacturing index grew at a slower rate when compared to the index in August. 13 of the 14 surveyed subsectors reported growth in the review month.
“The survey revealed that paper products subsector recorded decline in the review period,” the report on manufacturing index revealed.
On production level index, the report said, “At 58.5 points, the production level index for the manufacturing sector grew for the 31 consecutive month in September 2019. The index indicated a slower growth in the current month, when compared to its level in August 2019. 11 of the 14 manufacturing subsectors recorded increased production level, one remained unchanged, while two recorded decline”
The survey on new orders stated that “at 57.2 points, the new orders index grew for the 30th consecutive month, indicating increase in new orders in September 2019.
“The index grew at a faster rate, when compared to its level in August 2019. Nine subsectors reported growth, one remained unchanged, while four contracted in the review month.”
According to the CBN’s survey on supplier delivery time, it explained that, “the manufacturing supplier delivery time index stood at 58.4 points in September 2019, indicating faster supplier delivery time.
“The index has recorded growth for 28th consecutive months. Eleven of the 14 subsectors recorded improved suppliers’ delivery time, while two remained unchanged and one recorded decline in the review period.”
As stated by the report, “the employment level index for September 2019 stood at 56.6 points, indicating growth in employment level for the 29th consecutive month.
“Of the 14 subsectors, seven reported increased employment level, four reported unchanged employment level while three reported decreased employment in the review month.
In addition, the survey on raw material Inventories, said, ”the Manufacturing sector inventories index grew for the 30th consecutive month in September 2019.
“At 58.1 points, the index grew at a slower rate when compared to its level in August 2019. 30th of the 14 subsectors recorded growth, while one subsector reported unchanged raw material inventories in the review period.”