The Central Bank of Nigeria (CBN) on 31st January 2019 released its Purchasing Managers Index (PMI) report for the month of January 2019 which indicated a slowdown in economic expansion during the month under review.
Manufacturing PMI dropped to 58.5 percent in January from 61.1 percent in December. Similarly, the Non-Manufacturing PMI dropped to 60.1 percent in January from 62.3 percent in December. The report showed that out of the 31 subsectors surveyed for the report, 30 subsectors recorded growth while one subsector contracted.
Also, the report has it that, the Manufacturing PMI in the month of January stood at 58.5 index points, indicating expansion in the manufacturing sector for the twenty-second consecutive month. The index grew at a slower rate when compared to the index in the previous month.
According to the report, all 14 subsectors surveyed by the CBN reported growth in the review month in the following order: petroleum & coal products; chemical & pharmaceutical products; primary metal; paper products; cement; furniture & related products; printing & related support activities; fabricated metal products; electrical equipment; food, beverage & tobacco products; nonmetallic mineral products; textile, apparel, leather & footwear; plastics & rubber products; and transportation equipment.
More so, the composite PMI for the non-manufacturing sector stood at 60.1 points in January 2019, indicating expansion in the Non-manufacturing PMI for the twenty-first consecutive month.
In the same vein, the index grew at a slower rate when compared to that in December 2018. Of the 17 surveyed subsectors, 16 recorded growth as follows: utilities; repair, maintenance/washing of motor vehicles; professional, scientific, & technical services; educational services; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; information & communication; finance & insurance; wholesale/retail trade; real estate rental & leasing; construction; health care & social assistance; agriculture; accommodation & food services; transportation & warehousing; and water supply, sewage & waste management.
Furthermore, the report observed that the management of companies subsector remained stable during the month under review.