The Central Bank of Nigeria Headquarters, Abuja.
The level of economic activities in Nigeria may have returned to expansion, though marginally, in March 2019 after a dip recorded last month.
Central Bank of Nigeria (CBN), reporting its Purchasing Managers Index (PMI) for the current month said the indicator rose to 57.4 points as against 57.1 points last month. The indicator was 58.5 points in January 2019.
Similarly, the Non Manufacturing PMI grew to 58.5 percent in March from 58.4 percent in February.
The report showed that out of the 31 subsectors surveyed, 25 subsectors recorded growth while four subsectors contracted.
The report stated: “The Manufacturing PMI in the month of March stood at 57.4 index points, indicating expansion in the manufacturing sector for the twenty-fourth consecutive month.
“The index grew at a faster rate when compared to the index in the previous month. Eleven of the 14 subsectors surveyed reported growth in the review month in the following order: cement; food, beverage & tobacco products; fabricated metal products; furniture & related products; paper products; chemical & pharmaceutical products; plastics & rubber products; electrical equipment; printing & related support activities; transportation equipment and non-metallic mineral products. The Textile, apparel, leather & footwear; Petroleum & coal products and primary metal subsectors recorded decline in the review period.
“The composite PMI for the non-manufacturing sector stood at 58.5 points in March 2019, indicating expansion in the Non-manufacturing PMI for the twenty-third consecutive month. The index grew at a faster rate when compared to that in February 2019.
“Fourteen of the 17 surveyed subsectors recorded growth in the following order: utilities; health care & social assistance; agriculture; information & communication; real estate, rental & leasing; repair, maintenance/washing of motor vehicles; construction; educational services; wholesale trade; finance & insurance; electricity, gas, steam & air conditioning supply; professional, scientific, & technical services; accommodation & food services and water supply, sewage & waste management.
The transportation & warehousing remained unchanged while management of companies and arts, entertainment & recreation declined.”