Skip to main content

Manufacturing Sector Sustains Slow Growth In Six Months, Contracts 49.4 In October

Manufacturing Sector Sustains Slow Growth In Six Months, Contracts 49.4 In October

Nigeria’s manufacturing sector has continued its contraction for the sixth consecutive month in October, the latest Purchasing Managers Index report from the Central Bank has shown.

The manufacturing PMI witnessed a 49.4 points dip, below the 50 percent threshold used to aggregate activities and performances, since it started the contraction in May this year.

According to the PMI report, eight subsectors from the 14 subsectors surveyed, had a slow contraction, while the remaining six recorded expansion above the 50 points.

“Of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order: Electrical equipment, Transportation equipment, Printing and related support activities, Chemical and pharmaceutical products, Textile, apparel, leather and footwear, and Cement.

“The remaining eight subsectors reported contractions in the following order: Primary metal, Petroleum and coal products, Paper Products, Fabricated metal products, Furniture, and related products, Non-metallic mineral products, Plastics & rubber products and Food, beverage and tobacco products,” the report showed.

Meanwhile, seven out of the subsectors recorded an expansion in production level, one remained at the current level, while six recorded declines in production level.

On the flipside, the report stated that the employment level index stood at 46.0 points, indicating contraction for the seventh consecutive month.

“Of the 14 subsectors, 3 subsectors recorded growth in employment level in the review month; 2 subsectors recorded stationary level of employment, while the remaining 9 subsectors recorded lower employment levels in the review month.”

The report showed that the supplier delivery time index stood at 51.8 points, maintaining a faster delivery time for the sixth consecutive month.

The PMI survey showed that non-manufacturing sector contracted for the seventh consecutive month at 46.8 percent, with 11 subsectors reporting declines, while three subsectors reported growth.

“Of the 17 sub-sectors surveyed, three subsectors reported growth in the following order: Electricity, gas, steam and air conditioning supply; Art, entertainment and recreation and Health care and social assistance.

“11 subsectors reported declines in the following order: Management of companies; Utilities; Information & communication; Construction; Professional, scientific, & technical services; Repair, Maintenance/Washing of Motor Vehicles…; Wholesale/Retail trade; Educational Services; Transportation and Warehousing; Accommodation & food services and Real estate rental and leasing.

It added that non-manufacturing inventory index declined for the seventh consecutive month to 46.3 points with 11 subsectors performing below the 50.0 percent threshold.

Comments

Post a Comment

Popular posts from this blog

CALL FOR APPLICATIONS

CALL FOR APPLICATIONS: 2021/2022 FEDERAL GOVERNMENT  SCHOLARSHIP AWARD The Honourable Minister of Education hereby invites interested and qualified Nigerians to participate in the 2021/2022 Federal Government Scholarship Awards Apply Here: https://t.co/y8FJD5Ocf5 https://t.co/LBYON30DCX
Post a Comment
Read more

Okomu Oil company gives 35 indigent students bursary awards in Edo

Okomu Oil company gives 35 indigent students bursary awards in Edo   Okomu Oil company has given out cheques of N90,000 each to no fewer than 35 students of tertiary institutions from about 20 host communities in three local government areas where it operates in Edo. The Managing Director of the company, Dr Graham Hefer, presentated cheques to the beneficiaries at a ceremony held in Okomu on Friday, in Ovia South West local government area (LGA) of Edo. The host communities from where the beneficiaries were drawn are located in Ovia South West, Ovia North-East and Uhunmwode LGAs. Hefer said the gesture was part of the company’s Corporate Social Responsibility (CSR) to encourage educational pursuit among indigent students in its host communities through award of bursary. ” It’s a fact that this year has been challenging and tough, but as a company, we are happy that we are able to still fulfil part of of CSR to our host communities. ” This year’s message is that ...
Post a Comment
Read more

Nigeria’s second-largest cement maker eyes new mega plant

Nigeria’s second-largest cement maker eyes new mega plant Nigeria’s BUA Cement plans to set up a mega plant in the Northeastern Adamawa State in furtherance of the company’s business expansion program, Chairman Abdulsamad Rabiu has said. The 3 million metric tonnes cement plant will be located in Guyuk and Lamurde local governments of the state, as preliminary findings show that the LGAs are reputed to have a good quality of limestone deposits, Rabiu said during a courtesy visit to the Adamawa State Governor, Ahmadu Umaru Fintiri in the Government House, Yola. The Guyuk Cement Plant will be accompanied by a 50 megawatts power plant to supply power to the proposed cement plant and communities of Guyuk and Lamurde in addition to providing 3,000 direct and 5,000 indirect jobs, according to the Chairman.\ The planned investment in Adamawa will be BUA’s major investment in North-East Nigeria and its strategy of sourcing raw materials locally – the majority of the firm’...
Post a Comment
Read more