Expansion of economic activities persisted in January — CBN

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Headquarters, the Central Bank of Nigeria.

The Central Bank of Nigeria (CBN) has released the Purchasing Managers Index (PMI) report for January which showed that expansion of economic activities persisted for the ninth consecutive month.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, stated that 29 of the 34 sectors surveyed recorded expansion in January.

The report stated: “The Manufacturing PMI in the month of January stood at 57.3 index points indicating expansion in the manufacturing sector for the tenth consecutive month. The index however grew at a slower rate, when compared to that in the previous month.

Of the 16 subsectors, 13 reported growth in the review month in the following order: computer & electronic products; non-metallic mineral products; cement; textile, apparel, leather & footwear; printing & related support activities; appliances & components; primary metal; petroleum & coal products; food, beverage & tobacco products; furniture & related products; paper products; fabricated metal products; plastics & rubber products.

The electrical equipment, chemical & pharmaceutical products, and transportation equipment subsectors contracted in the review month.

“The composite PMI for the non-manufacturing sector stood at 58.5 points in January 2018, indicating expansion in the Non-manufacturing PMI for the ninth consecutive month.

“16 of the 18 non-manufacturing subsectors recorded growth in the following order: public administration; repair, maintenance/washing of motor vehicles; educational services; water supply, sewage & waste management; transportation & warehousing; real estate rental & leasing; arts, entertainment & recreation; information & communication; agriculture; finance & insurance; professional, scientific, & technical services; wholesale/retail trade; health care & social assistance; electricity, gas, steam & air conditioning supply; utilities; construction; and management of companies.

“The management of companies remained unchanged, while the accommodation & food services subsector recorded contraction in the review period”,  the report stated.

Amaka E. Nliam