The Central Bank of Nigeria has released its manufacturing and non-manufacturing report showing an increase in all the indices measured in the month of May.

Manufacturing activity measured by Purchasing Managers’ Index was reported higher at 52.5 reading, posting a second consecutive month increase.

Ten of the 16 sub-sectors surveyed grew in the month under review.

The CBN’s report shows production level higher at 58.7 points, new orders rose to 50.5 and employment level index was at 50.7, indicating growth in new jobs after 26 consecutive months of contraction.

On the non-manufacturing front, the composite PMI was higher to 52.7 last month, after 16 months’ back-to-back contraction.

The Central Bank’s manufacturing data contrast with the report by investment and securities firm FBNQuest, which shows PMI during the month was down to 54.0 against 58.9 level in April.

FBNQuest’s report said four of the five sub-indices measured in the report declined in the month that ended on Wednesday.