The business activities in the Nigerian economy continued to improve in the month of October although at a slower rate compared to the month of September as the Purchasing Managers Index (PMI) which measures business activities in the country stood at 55 points.
This is lower than 55.3 points that was recorded in the month of September according to the PMI report for October released by the Central Bank of Nigeria (CBN).
However, it still indicates an expansion in the manufacturing sector for the seventh consecutive month.
The report showed that 11 of the 16 subsectors reported growth in the review month.
Computer and electronic products; petroleum and coal products; cement; and transportation equipment were the exceptions recording contraction.
The production level index for manufacturing sector grew for the eighth consecutive month in October 2017.
At 58.4 points, the index indicated an increase in production at a slower rate, when compared to its level in the preceding month.
At 52.8 points, the new orders index grew for the seventh consecutive month.
Seven subsectors reported growth, two remained unchanged while seven contracted in the review month.
The supplier delivery time index for the manufacturing sector, at 55.5 points in October 2017, rose for the fifth consecutive month.
The employment level index in October 2017 stood at 53.1 points, indicating growth in employment level for the sixth consecutive month.
Of the 16 subsectors, seven recorded growth, four remained unchanged while five subsectors reduced their employment level in the review month.
The composite PMI for the non-manufacturing sector stood at 55.3 points in October 2017, indicating growth in the Non-manufacturing PMI for the sixth consecutive month; 57.5 points in October 2017, indicating growth for the seventh consecutive month.
The index grew at a faster rate, when compared to its level in the previous month.
Fourteen subsectors recorded growth in business activity, while four declined in the review month.