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Nigeria’s manufacturing activities expands at a slower pace in February

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WED, MARCH 25 2020-theG&BJournal- The Manufacturing PMI in the month of February expanded for the thirty-sixth consecutive, as new orders grew.

Manufacturing Purchasing Managers’ Index for the month stood at 51.1 index points, according to the CBN’s March Purchasing Managers’ Index (PMI) Survey Report.

Seven subsectors of the 14 surveyed reported growth above 50% in the month of February but grew at a slower pace.

For the month of March 2020, the Production Level Index for the manufacturing sector stood at 54.4 points. Seven of the 14 manufacturing subsectors recorded increased production level.

New orders index also grew for the thirty-sixth consecutive month and currently stands at 52.3points with five subsectors reporting growth while 7 recorded declines in the review month.

The manufacturing supplier delivery time index stood at 49.4points in March2020, indicating contraction in supplier delivery time. The index recorded declines for the first time after thirty-three consecutive months of recorded growth. Five of the 14 subsectors recorded improved suppliers’ delivery time, 4 subsectors reported no change while 5 recorded slower delivery time in March 2020.

The employment level index for March 2020 stood at 47.1 points, indicating declines in employment level for the first time after recorded growth for thirty-four consecutive months.

Raw material Inventories index contracted for the first time in March 2020. At 49.4points, the index dropped when compared to its level in February2020.

Meanwhile, the composite PMI for the non-manufacturing sector contracted to 49.2points in March 2020. The index declined slightly below the turning point of 50 points in the review month.

Of the 17 subsectors surveyed, 7 subsectors recorded growth.

The business activity index also grew for the thirty-sixth consecutive month, indicating expansion in non-manufacturing business activity in March 2020.

The March 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period March 9-13, 2020.

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