Monday, April 03, 2018 /08:36
AM / CBN
Data and Method of Presentation
The March 2018 PMI survey was conducted by the
Statistics Department of the Central Bank of Nigeria during the period March 12
- 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.
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 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
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
The Manufacturing PMI in the month of March stood
at 56.7 index points, indicating expansion in the manufacturing sector for the
twelfth consecutive month. (Fig. 3 and Table 1).
The index however grew at a faster rate, when
compared to the index in the previous month. Of the 14 subsectors surveyed, 11
reported growth in the review month in the following order: electrical
equipment; cement; petroleum & coal products; food, beverage & tobacco
products; chemical & pharmaceutical products; fabricated metal products;
paper products; transportation equipment; plastics & rubber products;
textile, apparel, leather and footwear and primary metal.
The remaining 3 subsectors contracted in the
following order: nonmetallic mineral products; furniture & related products
and printing & related support activities.
At 59.1 points, the production level index for the
manufacturing sector grew for the thirteenth consecutive month in March 2018.
The index indicated a faster growth in the current month, when compared to its
level in the preceding month.
Seven of the 14 manufacturing subsectors recorded
increase in production level, 3 remained unchanged, while the remaining 4
recorded declines in production level during the review month (Fig. 4 and Table
At 56.1 points, the new orders index grew for the
twelfth consecutive month, indicating increase in new orders in March 2018. Six
subsectors reported growth, 5 remained unchanged while 3 contracted in the
review month (Fig. 5 and Table 3).
Full Report Here
- PMI Reading
No 59: Stable and Positive
PMI Stands at 56.3% in February 2018 from 57.3% in January 2018
Nigeria PMI – January 2018 Data- Slowed Improvement in Business Conditions
PMI Stands at 57.3% in January 2018 from 59.3% in December 2017
- PMI Reading
No 58: A Post-holiday Slump
- Nigeria PMI - 2017 Rounds Off With Record-high PMI