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Expansion of economic activities slows in February — CBN

•As PMI drops for 2nd consecutive month

By Elizabeth Adegbesan

The Central Bank of Nigeria (CBN) yesterday released the Purchasing Managers Index (PMI) report for February which showed that economic activities expanded for the tenth consecutive month but at a slower rate.

The report showed that out of the 31 subsectors surveyed, 21 recorded growth in February, down from 29 subsectors that recorded growth out of the 34 subsectors surveyed in January.

CBN Headquarters

The Manufacturing PMI dropped for the second consecutive month to 56.3 percent, from a peak of 59.3 percent recorded in December. Also the Non-Manufacturing PMI dropped for the second consecutive month to 56.1 percent, down from peak of 62.1 percent recorded in December.

The report stated: “The Manufacturing PMI in the month of February stood at 56.3 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 15 subsectors surveyed, 10 reported growth in the review month in the following order: Plastics & rubber products; textile, apparel, leather & footwear; appliances & components; paper products; primary metal; petroleum & coal products; chemical & pharmaceutical products; food, beverage & tobacco products; electrical equipment and furniture & related products. The remaining 5 subsectors contracted in the following order: printing & related support activities; cement; nonmetallic mineral products; fabricated metal products; and transportation equipment.”

On the Non-Manufacturing PMI, the report stated: “The composite PMI for the non-manufacturing sector stood at 56.1 points in February 2018, indicating expansion in the Non-manufacturing PMI for the tenth consecutive month.

“ Eleven of the 16 subsectors recorded growth in the following order: information & communication; wholesale/retail trade; educational services; management of companies; utilities; finance & insurance; agriculture; health care & social assistance; construction; electricity, gas, steam & air conditioning supply; and professional, scientific, & technical services. The real estate rental & leasing remained unchanged, while the public administration; water supply, sewage & waste management; accommodation & food services; and transportation & warehousing subsectors recorded contraction in the review period.”


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