Business

Nigeria’s PMI Rises To 54.7

Photo: financial watch

 

Nigeria’s manufacturing activity measured by the Purchasing Managers’ Index (PMI) is relatively flat at 54.7 in February, from 54.6 reading in January.

The latest report released on Thursday by FBNQuest shows all five sub-indices in positive territory.

FBNQuest believes this stability will continue, although January through to March, are relatively slow months in terms of naira liquidity, resulting in subdued consumer confidence.

Analysts also attribute the stability in the index to the experimental FX policy of the Central Bank of Nigeria (CBN).

The manufacturing sector continues to enjoy the benefits of the CBN’s exchange-rate reforms since greater FX availability translates directly into increased access to imported inputs.

“Manufacturing expanded by 5.0% q/q in Q4 2017. The two largest sub-sectors are food, beverages, and tobacco, and textiles, apparel, and footwear, which posted growth of 5.8% and 7.8% respectively,” the statement read in part.

However, data from the apex bank showed a weaker PMI of 56.3 points in February, against 57.3 reading in January.

Out of the 15 subsectors surveyed, 10 reported growth in the review month.

Production index reading came in at 57.8 up for the 12th consecutive month, while inventories index showed a growth of 58.1 in February.

Akinola Ajibola

Disqus Comments Loading...

Recent Posts

Madagascar’s Parliament Chief Stripped Of Post

The court decision removing Christine Razanamahasoa, 72, from the National Assembly was published Thursday evening,…

5 mins ago

Nigeria’s Economy Records Over $1.5bn Inflow, Says CBN

It said the naira also continued to record gains in the Autonomous Foreign Exchange market,…

20 mins ago

Netanyahu Approves New Gaza Ceasefire Talks

Since the UN Security Council adopted a resolution on Monday demanding an "immediate ceasefire", Hamas…

22 mins ago

No Timescale For Murray’s Return After Ankle Injury

Murray said earlier this year he did not plan to "play much past this summer"…

25 mins ago

Man City’s Stones, Walker Out Of Arsenal Clash

Both players were injured on international duty with England.

30 mins ago

DC Comics’ Jim Lee: Using AI Robs Artists Of Creative Joy

We have to figure out a way to live in a world where it exists,…

2 hours ago