CBN’s manufacturing index rises by 58.2 points

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 For the 31st consecutive month, the Central Bank of Nigeria’s Manufacturing Purchasing Managers Index recorded expansion rising to 58.2 index points.

The CBN in the PMI report which was released on Friday said the latest index represents an expansion in the manufacturing  sector.

The index, according to the CBN report, grew at a faster rate in October when compared to the index in September.

It said 13 out of the 14 surveyed subsectors reported growth in the month under review.

The sectors are petroleum and coal products, cement,  electrical equipment, furniture and related products; fabricated metal products, printing and related support activities, textile, and apparel.

Others are leather and footwear, food, beverage and tobacco products, non-metallic mineral products, plastics and rubber products, primary metal, chemical and pharmaceutical products, and transportation equipment.

The paper products subsector, the report added, recorded decline in the review period.

In terms of production level, the report said at 59.3 points, the production level index for manufacturing sector grew for the 32nd consecutive month in October 2019.

The index, it said indicated a faster growth in the current month, when compared to its level in September 2019.

It said 11 out of the 14 manufacturing subsectors recorded increased production level, while three recorded decline.

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