Transportation equipment subsector leads as December PMI reinforce steady growth

Confidence in Nigeria’s manufacturing industry continued on a positive trajectory in December 2018 as indicated by the Purchasing Managers Index (PMI) report of the Central Bank of Nigeria (CBN).

The December survey, released by the apex bank on Friday, showed that PMI stood at 61.1 index points, indicating expansion in the manufacturing sector for the 21^st consecutive month. The index grew at a faster rate when compared to the index in the previous month.

Thirteen of the 14 subsectors surveyed reported growth in the month under review led by transportation equipment; furniture and related products; printing & related support activities; textile, apparel, leather & footwear; plastics & rubber products; chemical and pharmaceutical products. Others were food, beverage & tobacco products; Non-metallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum & coal products.

The primary metal subsector recorded decline in the review period.

The composite PMI for the non-manufacturing sector stood at 62.3 points in December 2018, indicating expansion in the Non-manufacturing PMI for the 20^th consecutive month. The index grew at a faster rate when compared to that in November 2018.

All the 17 surveyed subsectors recorded growth in the following order: repair, maintenance/washing of motor vehicles; information & communication; water supply, sewage & waste management; wholesale/retail trade; professional, scientific, & technical services; accommodation & food services; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; and utilities, among others.