PMI figures in February decline by 1.0 to close at 56.3 index point from 57.3 index point in January

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…… Nigeria gas reserves up by 4.067tcf

The Central Bank of Nigeria’s Manufacturing Purchasing Managers’ Index (PMI) in February stood at 56.3 index points, according to the CBN’s PMI survey report on Wednesday.

The CBN reports stated that the 56.3 index points indicated expansion in the manufacturing sector for the 11th consecutive months.

Amehnews recall that the PMI for January stood at 57.3 index points in compared with 56.3 index points in February showed a decline figure of 1.0 index point.

The CBN uses production level, new orders, supplier delivery time, employment level and raw material inventories to measure the PMI every month.

The report read in part, “Of the 15 subsectors surveyed, 10 reported growth in the review month in the following order: Plastics  rubber products; textile, apparel, leather & footwear; appliances  components; paper products; primary metal; petroleum & coal products; chemical & pharmaceutical products; food, beverage & tobacco products; electrical equipment and furniture & related products.

Meanwhile the Nigeria‘s natural gas re-serves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Chapter (NNRC) has said.

In its “2017 Benchmarking Exercise Report”, the body said gas reserves in 2013 stood at 181.95 tcf, 182. 258tcf in 2012, 183.434tcf in 2011 and 182.817 tcf in 2010.

The report added that the reserves included associated and non-associated gas, adding that the country remained one of the largest producers of natural gas.

The report said: “The firm relies on statistics from the Nigerian Bureau of Statistics (NBS), the monthly financial bulleting of the Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources, Petroleum Technology Development Fund (PTDF) and other sources to arrive at the figures that were computed as the country’s natural gas reserves.

The country has gas reserves of 192.065 tcf of gas in 2015 and 187.998 trillion cubic feet of gas in 2014.

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