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…Records drop 43.7%, 44.3%
By Blaise Udunze
THE Central Bank of Nigeria’s Purchasing Managers’ Index for April has revealed a sluggish growth for the Nigerian economy as the adverse operating environment across manufacturing and non-manufacturing sectors continued.
The apex bank’s PMI monthly publication April 2016 Report, showed that the manufacturing sector dropped to 43.7 per cent in the period under review, compared to 45.9 per cent in the preceding month. While the composite PMI for the non-manufacturing sector declined for the fourth consecutive month. The index dropped to 44.3 per cent from the 45.4 points registered in the preceding month.
CBN Manufacturing PMI Index for the period shows business activity, production level, new orders, employment and raw material inventories declined at a faster rate, while supplier delivery time was improving at a faster rate.
The Statistics Department of CBN conducts a monthly survey of purchasing and supply executives of the two sectors’ organisations in 13 locations in Nigeria, two states in each of the six geo-political zones and the Federal Capital Territory.
Of the 16 manufacturing sub-sectors, 12 recorded decline in the review month in the following order: furniture and related products; paper products; primary metal; electrical equipment; computer and electronic products; printing and related support activities; fabricated metal products; plastics, among others.
