By Elizabeth Adegbesan
A Central Bank of Nigeria (CBN) survey report yesterday shows a marginal expansion in economic activities in the country persisted for the twenty-sixth consecutive month in May 2019.
The report, “Purchasing Managers Index (PMI) for May 2019”, indicated that the Manufacturing PMI in May grew by 0.1 points to 57.8 index points from 57.7 index point in April while the non-manufacturing PMI rose slightly by 0.2 points to 58.9 index point from 58.7 index points in April.
The report further showed that out of 31 subsectors surveyed, 29 subsectors recorded growth during the period.
The report stated further: “Thirteen of the 14 subsectors surveyed reported growth in the review month in the following order: transportation equipment; electrical equipment; petroleum & coal products; paper products; cement; food, beverage & tobacco products; plastics & rubber products; chemical & pharmaceutical products; fabricated metal products; furniture & related products; non-metallic mineral products; textile, apparel, leather & footwear and printing & related support activities. The primary metal subsector recorded a decline in the review period.
“Sixteen of the 17 surveyed subsectors recorded growth in the following order: management of companies; arts, entertainment & recreation; repair, maintenance/washing of motor vehicles; information & communication; agriculture; construction; educational services; real estate rental & leasing; electricity, gas, steam & air conditioning supply; health care & social assistance; wholesale/retail trade; accommodation & food services; finance & insurance; utilities; water supply, sewage & waste management and professional, scientific, & technical services. The transportation & warehousing recorded decline in the review period.”