Manufacturing Index Improves By 1.2 Points In July – CBN

By Nse Anthony-Uko

ABUJA, (Sundiata Post) – The Central Bank of Nigeria (CBN) has said Manufacturing Purchasing Managers’ Index (PMI) increased by 1.2 basis points to 54.1 index points in July from 52.9 index points recorded in June. According to CBN, the increase in Manufacturing PMI, indicates expansion in the manufacturing sector for the fourth consecutive month.

The CBN’s PMI survey report released on Monday noted that production in real subsectors like textile, cement, chemical and pharmaceutical products among others of the nation’s economy   continued to report growth in production while production in petroleum and coal products; fabricated metal products; furniture and related products; nonmetallic mineral products and plastics and rubber products declined.

The PMI survey report by CBN revealed that production level index for the manufacturing sector grew for the fifth consecutive month in July 2017 to 59.3 points in July from 58.2 points recorded in June. According to the report, “The production level index for the manufacturing sector grew for the fifth consecutive month in July 2017.

“The index at 59.3 points indicated an expansion in production at a faster rate, when compared to the level recorded in the previous month. Fourteen of the 16 manufacturing subsectors recorded expansion in production level during the review month.” For new order, The CBN PMI survey report said it moved to 52.7 points in July, indicating fourth month consecutive growth.

Related Story:  Delta EPZ crisis: We are making effort to restore peace – committee chairman

The report said eight subsectors reported growth, one remained unchanged while the remaining seven declined in the review month. The CBN report said supplier delivery time index for the manufacturing sector moved to 51.3 points in July 2017, second consecutive month increase.

“10 subsectors recorded improved suppliers’ delivery time while the remaining six subsectors recorded delayed delivery time,” the report stated. The report disclosed that, “Manufacturing employment level index in July 2017 stood at 51.8 points, indicating growth in employment level for the third consecutive month.

“Of the 16 subsectors, eight recorded growth, three subsectors remained unchanged while the remaining five subsectors recorded decline in employment.” In addition, the survey said, “The composite PMI for the non-manufacturing sector grew to 54.4 points in July 2017, indicating growth in Non-manufacturing PMI for the third consecutive month. Of the 18 non-manufacturing subsectors, 16 recorded growth.”

 

MTN News Alert
DMON
To receive our mobile newspaper on MTN delivered on your phone, text SAWD to 4900 at N50 per week or SAMD to 4900 at N150 per month.
For information on press releases, photos, promotional events and adverts, call or send text to 08173460599 or 08094208271or send email to: info@sundiatapost.com

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Sundiata Post Media Ltd.

Address: Izon Wari House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D
Email: info@sundiatapost.com
Website: www.sundiatapost.com

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838
https://twitter.com/sundiatapost/

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143
Dubai Office: PAU Management Suite, Level 23 - Boulevard Plaza Tower 2, Emaar Boulevard,
P. O. Box 124342, Dubai, UAE.
Tel: +971 4 4096849 | Fax: +971 4 409 6850
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
ACCREDITED MEMBER
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate