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By Babajide Komolafe
The Central Bank of Nigeria (CBN) Thursday released its Purchasing Managers Index (PMI) report for May which confirmed that the nation is firmly on the path of recovery from economic recession.
The report showed that 20 out of the 34 sub-sectors surveyed during the month recorded expansion.
The report stated: “The Manufacturing PMI stood at 52.5 index points in May 2017, indicating expansion in the manufacturing sector for the second consecutive month. Ten of the 16 sub-sectors reported growth in the review month in the following order: primary metal; petroleum & coal products; plastics & rubber products; paper products; electrical equipment; appliances & components; textile, apparel, leather & footwear; cement; food, beverage & tobacco products and chemical & pharmaceutical products. The remaining 6 sub-sectors declined in the order: transportation equipment; non-metallic mineral products; fabricated metal products; printing & related support activities; furniture & related products and computer & electronic products.
“The composite PMI for the non-manufacturing sector grew to 52.7 in May 2017 after 16 consecutive months of contraction. Of the 18 non-manufacturing sub-sectors, 10 recorded growth in the following order: agriculture; transportation & warehousing; educational services; electricity, gas, steam & air conditioning supply; utilities; information & communication; water supply, sewage & waste management; accommodation & food services; health care & social assistance; and finance & insurance. The remaining 8 sub-sectors recorded contraction in the order: construction; professional, scientific, & technical services; public administration; management of companies; arts, entertainment & recreation; real estate rental & leasing; repair, maintenance/washing of motor vehicles; and wholesale/retail trade”.
“The production level index for manufacturing sector expanded for the third consecutive month in May 2017. The index at 58.7 points indicated an increase in production at a faster rate, when compared to the 58.5 points in the previous month. Fifteen manufacturing sub-sectors recorded increase in production level during the review month in the following order: primary metal; electrical equipment; petroleum & coal products; cement; chemical & pharmaceutical products; plastics & rubber products; computer & electronic products; food, beverage & tobacco products; textile, apparel, leather & footwear; appliances & components; paper products; non-metallic mineral products; furniture & related products; printing & related support activities and fabricated metal products, while the transportation equipment sub-sector recorded decline in production
“The business activity index rose to 56.2 points in May 2017 for the second consecutive month. The index grew at a faster rate, when compared to its level in the previous month. Fourteen sub-sectors recorded growth in the following order: agriculture; transportation & warehousing; electricity, gas, steam & air conditioning supply; utilities; educational services; information & communication; health care & social assistance; water supply, sewage & waste management; accommodation & food services; public administration; finance & insurance; real estate rental & leasing; wholesale/retail trade; and repair, maintenance/washing of motor vehicles. The management of companies sub-sector remained unchanged, while the remaining 3 sub-sectors recorded growth in the order: arts, entertainment & recreation; professional, scientific, & technical services; and construction”.
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