Nigeria Records Slow Growth In Manufacturing Sector In January ─ CBN
The Nigeria production sector experienced slower growth in January 2020 according to the Central Bank of Nigeria (CBN) when compared to the December 2019 level.
The bank in its Purchasing Managers Index (PMI) report for January 2020 said the PMI in the month of January stood at 59.2 index points, indicating expansion in the manufacturing sector for the 34th consecutive month.
According to the report, 11 out of 14 sub sectors surveyed recorded growth in the month under review.
The sub sectors are: petroleum and coal products; transportation equipment; Paper products; Furniture and related products; plastics and rubber products; primary metal; food, beverage and tobacco products; chemical and pharmaceutical products; fabricated metal products; textile, apparel, leather and footwear and cement.
Similarly, the level of new orders, suppliers’ delivery time, employment level, and raw material inventory/work in progress grew at a slower rate in January 2020.
However, at 60.4 points, the non-manufacturing inventory index grew for the thirty-third consecutive month, indicating growth in inventories in the period under review.