Home Business News CBN reports 57.1 PMI index points in August

CBN reports 57.1 PMI index points in August


The Central Bank of Nigeria (CBN) has reported that the nation’s Purchasing Manufacturing Index (PMI) in the month of August stood at 57.1 index points, indicating expansion in the manufacturing sector for the 17th consecutive month.

The apex bank reported 56.8 index points of PMI in July with the survey that was released on Thursday, saying that the PMI grew at a faster rate when compared to the index in the previous month.

The apex bank stated: “Of the 14 sub-sectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; nonmetallic mineral products; cement; furniture & related products; plastics & rubber products; textile, apparel, leather & footwear; petroleum & coal products; chemical & pharmaceutical products; paper products; fabricated metal products; printing & related support activities; food, beverage & tobacco products and primary metal.

“The transportation equipment sub-sector dipped in the reviewed month”.