Analysts at Lagos-based Cordros Capital have said the latest Purchasing Managers Index (PMI) data released by the Statistics Department of the Central Bank of Nigeria (CBN) shows that business owners and manufacturers are more optimistic about the prospects of the broader economy than a year ago.
The manufacturing PMI in the month of February stood at 56.3 index points, indicating expansion in the manufacturing sector for the eleventh consecutive month.
Cordros’ analysts, in a note made available to businessamlive.com, said the data marks the second successive month of slower growth in both manufacturing and non-manufacturing PMIs.
The February 2018 PMI survey indicated that the index, however, grew at a slower rate, when compared to that in the previous month.
Of the 15 subsectors surveyed, 10 reported growth in the review month in the following order: Plastics and rubber products; textile, apparel, leather and footwear; appliances and components; paper products; primary metal; petroleum and coal products; chemical and pharmaceutical products; food, beverage and tobacco products; electrical equipment and furniture and related products.