Though production level continued to grow as well as new orders, rising inventory as indicated by the Manufacturers Association of Nigeria (MAN), may be responsible for the slower movement of the nation’s Purchasing Managers’ Index (PMI) last month. According to the latest Central Bank of Nigeria (CBN’s) Manufacturing Purchasing Managers’ Index (PMI) report, September Manufacturing PMI eased to 56.2 from 57.1 in August, indicating a slower paced growth in the manufacturing sector. Despite logistics challenges in the country, especially in Lagos State, manufacturing supplier delivery time index stood at 56.1 points in September, indicating faster supplier delivery time for the sixteenth consecutive month. Immediate past President of MAN, Dr. Frank Jacobs, had noted that the food, beverages and tobacco sector experienced improved patronage and production. However, other sectors like the Basic Metal and Iron and Steel, Textile, Apparel, and Footwear, as well as Plastic and Rubber products sectors are witnessing high level of inventory mostly due to slow down in construction activities, global glut, and competition from imported items. Read More
Category: Market News