Manufacturing PMI Stands at 56.5% in May 2018 from 56.9% in April 2018


Thursday, May 31, 2018/04:20PM / CBN


The May 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period May 11 - 22, 2018. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 31 locations in Nigeria (Fig. 1). The Bank makes no representation regarding the individual companies, other than the information they have provided. The data contained herein further provides input for policy decisions.

Proshare Nigeria Pvt. Ltd.


Fig. 1: Map of Nigeria with showing the survey locations


Data and Method of Presentation 

The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month. For each of the indicators measured, this report shows the diffusion index of the responses. The diffusion index is computed as the percentage of responses with positive change plus half of the percentage of those reporting no change, except for supplier delivery time, which is computed as the percentage of responses with negative change plus half of the percentage of those reporting no change. 

The composite PMI for the manufacturing sector is computed as the weighted average of five diffusion indices, namely: production level, level of new orders, suppliers’ delivery time, employment level and raw materials inventory/work in progress, with assigned weights of 25%, 30%, 15%, 10% and 20%, respectively. The composite PMI for the non-manufacturing sector is computed from four diffusion indices, namely: business activity, level of new orders, employment level and raw materials inventory, with equal weights of 25% each. 

A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting. The subsectors reporting growth are listed in the order of highest to lowest growth, while those reporting contraction are listed in the order of the highest to the lowest contraction.


Manufacturing PMI Report

Proshare Nigeria Pvt. Ltd.



The Manufacturing PMI in the month of May stood at 56.5 index points, indicating expansion in the manufacturing sector for the fourteenth consecutive month. (Fig. 3 and Table 1). The index however grew at a slower rate when compared to the index in the previous month. Of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: petroleum & coal products; paper products; plastics & rubber products; electrical equipment; food, beverage & tobacco products; cement; chemical & pharmaceutical products; primary metal; printing & related support activities; and textile, apparel, leather & footwear. The transportation equipment; fabricated metal products; nonmetallic mineral products; and furniture & related products subsectors declined in the review month.

Proshare Nigeria Pvt. Ltd.


Production Level 

At 58.8 points, the production level index for the manufacturing sector grew for the fifteenth consecutive month in May 2018. The index indicated a faster growth in the current month, when compared to its level in the preceding month. Nine (9) of the fourteen (14) manufacturing subsectors recorded increase in production level, two (2) remained unchanged, while the remaining three (3) recorded declines in production level during the review month (Fig. 4 and Table 2).

Proshare Nigeria Pvt. Ltd.


New Orders 

At 54.9 points, the new orders index grew for the fourteenth consecutive month, indicating increase in new orders in May 2018. Seven (7) subsectors reported growth, two (2) remained unchanged while five (5) contracted in the review month (Fig. 5 and Table 3).

Download Full Report Here 


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News 

1.      Structural Transformation and Jobless Growth in Nigeria

2.      Democracy Day: Taking Stock of Social Well-Being and Economic Freedom

3.      Nigeria’s GDP Per Head To fall For 8 Straight Years - IMF

4.      FAAC Disburses N638.09bn in April 2018 - NBS

5.      Q1 2018 GDP Figure: Still Miles Away From An Escape Velocity

6.      Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018

7.      NEC Approves $650m Seed Funding as FG Establishes Presidential Infrastructure Development Fund

8.      Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate

9.      Total Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS

10.  High Base Pay: The Dilemma Between Equality and Equity

11.  Inflation Rate Approaches Single Digit

12.  Headline Inflation to Decline in April 2018 to 12.7%

13.  Make Hay In May, While The Sun Still Shines – LBS EBS – May 2018

14.  CBN Signs Currency Swap Agreement With the People’s Bank of China

15.  FAAC Distributions Settled on a Plateau

16.  More Work, Less Pay - Land of The Unemployed

Related News