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Nigeria’s PMI growth slumped in February – CBN

Nigeria’s PMI growth slumped in February – CBN

The Central Bank of Nigeria’s (CBN) Purchasing Managers Index (PMI) shows that the manufacturing sector still grew slowly in February, 2020. The PMI in the month of February stood at 58.3 index points, indicating expansion in the manufacturing sector for the 35th consecutive month.
However, it is a slow growth compared to November, 2019, December, 2019 and January, 2020. In November, 2019 the index grew at 59.3 index points, in December, 2019, it stood at 60.8 index points and in January, 2020, it was 59.2 index points. Generally, a composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting.
The index showed that “of the 14 surveyed subsectors, 12 reported growth (above 50 per cent threshold) in the review month in the following order: transportation equipment;  petroleum and coal products; non-metallic mineral products; paper products; cement ; textile, apparel, leather and footwear; furniture and related products; food, beverage and tobacco products; plastics and rubber products; fabricated metal products; chemical and pharmaceutical products; plastic and rubber products and electrical equipment. The primary metal and printing and related support activities subsectors recorded declines.”
Also, the production at 58.9 points, the purchasing managers said the production level index for the manufacturing sector grew for the 36th consecutive month in February, 2020. The index, however, indicated slower growt in early March, when compared to its level in January, 2020. Ten of the 14 manufacturing subsectors recorded increased production level, three remained unchanged, while one recorded a decline.
On new orders, the managers said at 59.1 points, the new orders index grew for the 35th consecutive month, indicating increases in new orders in February, 2020. The index grew at a slower rate when compared to its level in January, 2020. Eleven subsectors reported growth, while the remaining three recorded declines in the review month.

Source:-: https://www.dailytrust.com.ng/nigerias-pmi-growth-slumped-in-february-cbn.html