January PMI Index Records Slow Growth – CBN

January PMI Index Records Slow Growth - CBN
Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN) yesterday reported that the January 2018 Purchasers Manager Index (PMI) – a survey which measures the productive activities in the manufacturing and non-manufacturing sectors of the country grew to 57.3 per cent, howbeit sluggishly in comparative terms with previous growth trajectory.

The development came as the NOI Polls, which also released its Fourth Quarter 2017 Personal Wellbeing Index reported that though the index moved up sluggishly, the economic and living standards of most Nigerians declined during the review period.

According to the CBN, “PMI Production level, new orders, supplier delivery time, employment level and inventories growing at a slower rate in January 2018. The Manufacturing PMI in the month of January stood at 57.3 index points indicating expansion in the manufacturing sector for the tenth consecutive month.

The index however, grew at a slower rate, when compared to the previous month.”

The PMI reported that of the 16 sub-sectors, 13 reported growth in the review month in the following order: computer & electronic products; nonmetallic mineral products; cement; textile, apparel, leather & footwear; printing & related support activities; appliances & components; primary metal; petroleum & coal products; food, beverage & tobacco products; furniture & related products; paper products; fabricated metal products; plastics & rubber products

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