The Manufacturing Purchasing Managers’ Index (PMI) is monthly indicator of the economic health of the manufacturing sector .The purpose of the PMI is to provide information about current business conditions to company decision makers, analysts and purchasing managers.
In the PMI report released for the month of May by the Central Bank of Nigeria (CBN) Thursday showed the index at 58.7 from 58.5 points in the previous month indicated an increase in production at a faster rate, when compared its indicates expansion in the manufacturing sector for the second consecutive month.
According to the statement, 10 of the 16 sub-sectors reported growth in the review month in the following order: primary metal; petroleum & coal products; plastics & rubber products; paper products; electrical equipment; appliances & components; textile, apparel, leather & footwear; cement; food, beverage & tobacco products and chemical & pharmaceutical products.
The remaining six sub-sectors declined in the order: transportation equipment; nonmetallic mineral products; fabricated metal products; printing & related support activities; furniture & related products and computer & electronic products.
Furthermore, the report disclosed that the production level index for manufacturing sector expanded for the third consecutive month in May 2017.
Meanwhile the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has unveiled an agenda to leverage its trade mission to support the Federal Government’s Foreign Direct Investment (FDI) drive as well as improve operators’ capacity in the agricultural value-chain.
NACCIMA National President Mrs. Iyalode Alaba Lawson stated that the Chamber, under her leadership, would explore efforts to enhance regional trade relationships by repackaging its trade mission towards FDI.
She said this would be in the form of partnership with members and the government in establishing companies and creating demand supply platforms for agricultural products and other mineral resources.
Speaking at her investiture as the Chamber’s national leader, Lawson emphasised the need to increase the Chamber’s advocacy agenda in the country, especially now that the real sector required good policies to operate efficiently.