Nigeria’s economy continued to improve as the Purchasing Managers Index which measures business activities in the country improved to 55.3 index points in September from 53.6 index points in August .
This indicates expansion in the manufacturing sector for the sixth consecutive month.
Likewise, composite PMI for the non-manufacturing sector stood at 54.9 points in September from 53.1 index points in August, indicating growth in non-manufacturing PMI for the fifth consecutive month.
The business activity index in the non-manufacturing sector rose marginally to 56.8 points in September from 56.1 points, indicating growth for the sixth consecutive month.
The index grew at a faster rate, when compared to its level in the preceding month.
Fourteen subsectors recorded growth in business activity, two remained unchanged and two declined in the review month.
In the manufacturing sector, production level, new orders, employment levels, supplier delivery time and inventory indexes all rose in September indicating increased activities during the month according to the Purchasing Managers Index report for September released by the Central Bank of Nigeria on Thursday.
The report showed that 14 of the 16 subsectors reported growth during the month.
Only primary metal and petroleum and coal products subsectors had contracted during the month, as appliances and components; electrical equipment; chemical and pharmaceutical products; nonmetallic mineral products; printing and related support activities and plastics and rubber products recorded growth.
Also food, beverage and tobacco products; furniture and related products; transportation equipment; cement; paper products; computer and electronic products; textile, apparel, leather and footwear and fabricated metal products all recorded growth.
The production level index for the manufacturing sector grew for the seventh consecutive month in September 2017.
At 58.8 points, the index indicated an increase in production at a faster rate, when compared to its level in the preceding month.
Thirteen of the sixteen manufacturing subsectors recorded increase, while three subsectors declined during the review month.
Also the employment level index in the manufacturing sector in September stood at 52.8 points, indicating growth in employment level for the fifth consecutive month.
Of the sixteen subsectors, six recorded growth, four remained unchanged while the other six subsectors recorded decline in employment level.
Of the 18 non-manufacturing subsectors, 15 recorded growth in the following order: utilities; agriculture; health care & social assistance; finance & insurance; transportation & warehousing; electricity, gas, steam & air conditioning supply; repair, maintenance/washing of motor vehicles and public administration.
Also included are: wholesale/retail trade; water supply, sewage & waste management; educational services; arts, entertainment & recreation; information & communication; accommodation & food services and real estate rental & leasing.
The construction; management of companies; and professional, scientific and technical services sub sectors recorded contraction in the review period.
The employment level index for the non-manufacturing sector stood at 54.7 points, indicating growth in employment for the fifth consecutive month.
Fifteen subsectors recorded growth in the review month, while the remaining three subsectors decline.
