ECONOMIC ACTIVITIES GROWTH SLOW IN FEBRUARY — CBN
Business activity, production level, new orders, supplier delivery time, employment level and raw materials inventories grew at a slower rate in February 2020. The Central Bank of Nigeria’s Statistics Department disclosed in its February 2020 Purchasing Managers’ Index Survey Report. It stated that the Manufacturing PMI in the month of February stood at 58.3 index points, indicating expansion in the manufacturing sector for the 35th consecutive month. The index grew at a slower rate when compared to the index in January.
Of the 14 surveyed sub-sectors, 12 reported growth (above 50 per cent threshold) in the review month, in the order of transportation equipment; petroleum & coal products; non-metallic mineral products; paper products; cement ; textile, apparel, leather & footwear; furniture & related products; food, beverage & tobacco products; and plastics & rubber products.
Others were fabricated metal products; chemical & pharmaceutical products; plastic and rubber products and electrical equipment. It stated that the primary metal and printing & related support activities sub-sectors recorded declines. At 58.9 points, the production level index for the manufacturing sector grew for the 36th consecutive month in February 2020.
The index, however, indicated slower growth in the current month, when compared to its level in January 2020. Ten of the 14 manufacturing sub-sectors recorded increased production level, three remained unchanged while one recorded a decline.At 59.1 points, it stated, the new orders index grew for the thirty-fifth consecutive month, indicating increases in new orders in February 2020.
The index grew at a slower rate, when compared to its level in January 2020. Eleven sub-sectors reported growth, while the remaining three recorded declines in the review month. The manufacturing supplier delivery time index stood at 58.4 points in February 2020, indicating faster supplier delivery time. The index has recorded growth for 33 consecutive months.
Ten of the 14 sub-sectors recorded improved suppliers’ delivery time, while four sub-sectors reported no change in delivery time in February 2020. The employment level index for February 2020 stood at 56.4 points, indicating growth in employment level for the thirty-fourth consecutive month. Of the 14 sub-sectors, nine reported increased employment level, three sub-sectors remain unchanged, while the electrical equipment and printing & related support services sub-sector recorded lower employment level in the review month.
The manufacturing sector inventories index grew for the 35th consecutive month in February 2020. At 58.5 points, the index grew at a slower rate when compared to its level in January 2020. Eight of the 14 sub-sectors recorded growth, five sub-sectors reported unchanged inventories, while the cement sub-sector reported lower raw material inventories in the review month.