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Bimbola Oyesola
The Manufacturers Association of Nigeria (MAN), has expressed delight that no sectoral group recorded below 50 points benchmark for two consecutive months in the last quarter of 2018 Purchasing Managers Index (PMI).
The Association said the report was based on the monthly review of the Central Bank of Nigeria’s Purchasing Managers Index (PMI) of groups within the country’s manufacturing sector with specific focus on the performances of sectoral groups
“It also provides vital information on the current status of manufacturing sectoral groups that could aid quality operational and diversification decisions,” MAN said.
It argued that for the last two months of 2018, all indices used in measuring PMI recorded improved performances, a development which it stated indicated that the manufacturing sector was on the path of sustainable growth.
It said, “undoubtedly, the improved economic spending that characterises the festive period and the increasing tempo of patronage of ‘Made in Nigeria’ products spurred the performance of the sector in December. It shows a reasonable level of improvement in the manufacturing sector’s performance and a pointer to a good outing in the last quarter of 2018.”
According to MAN, the report revealed improved performances across the sectoral groups except for Electrical & Electronics Sectoral Group, which it noted recorded above 50 points benchmark, although its basis point contracted by 6.7 points due mainly to the menace of smuggling and counterfeiting that have continually plagued the sector.
The Association said it was obvious that government needs to support operators in the group with policies that will discourage unhindered inflow of used and smuggled electrical and electronics products to the country. The Textile Apparel & Footwear Sectoral Group (TAFSG), on the other hand, the Association said, recorded the most significant improvement with a positive change of 13.9 points.
