Production growth slows in September – CBN

Production and employment levels and raw materials inventories grew at a slower rate, while new orders and supplier delivery time grew at a faster rate in September 2019.

The Central Bank of Nigeria disclosed this in its Purchasing Managers’ Index survey report for the month of September.

The Manufacturing PMI in the month of September stood at 57.7 index points, indicating expansion in the manufacturing sector for the 30th consecutive month.

The index grew at a slower rate when compared to the index in August.

Thirteen of the 14 surveyed subsectors reported growth in the review month in the following order: cement; petroleum and coal products; food, beverage and tobacco products; transportation equipment; printing and related support activities.

Others were chemical and pharmaceutical products; furniture and related products; fabricated metal products, nonmetallic mineral products; electrical equipment; textile, apparel, leather and footwear; plastics and rubber products; and primary metal.