The Manufacturing Purchasing Manager Index (PMI), declined for the third consecutive month to 47.7 index points, while the Non-Manufacturing PMI declined for the 15th consecutive month to 47.1 index points.
This was revealed by the Central Bank of Nigeria (CBN) in a report of its Purchasing Manager Index survey for March, which indicated continued decline in economic activities.
According to the report, 24 sub-sectors out of the 34 sub-sectors surveyed recorded decline in activities in the month of March.
The report noted that the Manufacturing PMI stood at 47.7 index points in March 2017, indicating declines in the manufacturing sector for the third consecutive month but at a slower rate.
Thirteen of the sixteen sub-sectors it stated, reported declines in the review month in the following order: primary metal; transportation equipment; plastics & rubber products; electrical equipment; paper products; printing & related support activities; petroleum & coal products; non-metallic mineral products; furniture & related products; cement; fabricated metal products; computer & electronic products; and chemical & pharmaceutical products.
It further stated: “The appliances & components; food, beverage & tobacco products; and textile, apparel, leather & footwear sub sectors reported expansion in the review period.” The composite PMI for the non-manufacturing sector declined for the fifteenth consecutive month. The index stood at 47.1 points, indicating a slower decline when compared to the 44.5 points in February 2017.
Of the eighteen non-manufacturing sub-sectors, eleven recorded declines in the following order: construction; professional, scientific, & technical services; real estate, rental & leasing; management of companies; repair, maintenance/washing of motor vehicles; accommodation & food services; wholesale/retail trade; arts, entertainment & recreation; information & communication; utilities; and health care & social assistance. The remaining seven sub-sectors: public administration; educational services; agriculture; water supply, sewage & waste management; electricity, gas, steam & air conditioning supply; transportation & warehousing; and finance & insurance reported growth in the review month.”