Godwin Emefiele, CBN Governor
Godwin Emefiele, CBN Governor

CENTRAL Bank of Nigeria, CBN has stated t6hat the employment level Index for non-manufacturing declined for the twelfth consecutive month in December 2016. At 43.8 points, the index declined at a slower rate when compared with the 40.2 points recorded in November 2016. Data obtained from the apex bank website yesterday explained that fourteen sub-sectors recorded contraction in employment level in the following order: construction; professional, scientific, & technical services; public administration; arts, entertainment & recreation; wholesale/retail trade; information & communication; finance & insurance; repair, maintenance/washing of motor vehicles; health care & social assistance; accommodation & food services; agriculture; water supply, sewage & waste management; real estate, rental & leasing; and electricity, gas, steam & air conditioning supply. The educational services and utilities sub-sectors remained unchanged, while the management of companies; and transportation & warehousing sub-sectors employment level expanded in the review month. The Statistics Department, CBN conducts a monthly survey of purchasing and supply executives of manufacturing and nonmanufacturing organizations in 13 locations in Nigeria: – two states in each of the six geo-political zones, and the FCT. The survey results are used to compute the monthly Purchasing Managers’ Index (PMI). The survey for this month was conducted December 13th to 20 the, 2016 with a total of 1,740 responses received from a sample of 1,950 respondents, representing a response rate of 89.2 per cent. The Manufacturing and NonManufacturing PMI Report on businesses is based on data compiled from purchasing and supply executives. Survey responses indicate whether there is change or no change in the level of business activities in the current month compared with the previous month. For each of the indicators measured, this report shows the diffusion index of the responses. The Manufacturing PMI stood at 52.0 index points in December 2016, indicating expansion in the manufacturing sector during the review period. The index had recorded declining in the preceding eleven months. Eight of the sixteen sub-sectors surveyed recorded expansion in the review month in the following order: cement; food, beverage & tobacco products; textile, apparel, leather & footwear; plastics & rubber products; paper products; appliances & components; chemical & pharmaceutical products; and furniture & related products. The fabricated metal products sub-sector remained unchanged, while the remaining seven subsectors declined in the order: computer & electronic products; electrical equipment; primary metal; transportation equipment; petroleum & coal products; printing & related support activities; and nonmetallic mineral products. Manufacturing Production Level At 57.6 index points, the production level index for manufacturing sector indicated the sector expanded in the review period, compared to the decline recorded in the preceding eleven months. Five manufacturing sub-sectors recorded growth in production level during the review month in the following order: cement; food, beverage & tobacco products; electrical equipment; plastics & rubber products; and textile, apparel, leather & footwear. The appliances & components sub-sector remained unchanged, while the remaining ten subsectors declined in the review period in the order: primary metal; petroleum & coal products; computer & electronic products; transportation equipment; furniture & related products; fabricated metal products; nonmetallic mineral products; paper products; chemical & pharmaceutical products; and printing & related support activities. Manufacturing New Orders at 51.8 points, the new orders index showed expansion in new orders after eleven months of contraction. It stood at 45.1 in November 2016. The five sub-sectors that recorded expansion in new orders were: cement; food, beverage & tobacco products; textile, apparel, leather & footwear; paper products; and fabricated metal products. The plastics & rubber products subsector remained unchanged, while the remaining ten sub-sectors declined in the order: primary metal; electrical equipment; transportation equipment; appliances & components; petroleum & coal products; printing & related support activities; computer & electronic products; nonmetallic mineral products; furniture & related products; and chemical & pharmaceutical products. Manufacturing Supplier Delivery Time At 47.9 index points, the supplier delivery time for manufacturing sub-sectors contracted in the month of December 2016, after nine consecutive periods of expansion. Nine sub-sectors recorded worsening suppliers’ delivery time in the following order: transportation equipment; food, beverage & tobacco products; cement; textile, apparel, leather & footwear; paper products; printing & related support activities; chemical & pharmaceutical products; plastics & rubber products; and nonmetallic mineral products. The computer & electronic products and electrical equipment sub-sectors remained unchanged, while the appliances & components; primary metal; furniture & related products; petroleum & coal products; and fabricated metal products subsectors recorded improving delivery time in December. Manufacturing Employment Level Employment level index in the month of December 2016 stood at 48.6 points, indicating declines in employment level for the twentysecond consecutive month. However, the index shows a slowing contraction in manufacturing employment when compared with the level in the preceding month. Of the sixteen subsectors, nine recorded contraction in employment in the following order: computer & electronic products; electrical equipment; appliances & components; printing & related support activities; furniture & related products; chemical & pharmaceutical products; primary metal; fabricated metal products; and nonmetallic mineral products. The paper products; petroleum & coal products; and transportation equipment sub-sectors remained unchanged, while the cement; plastics & rubber products; food, beverage & tobacco products; and textile, apparel, leather & footwear sub-sectors recorded expansion during the review period. Manufacturing Raw Materials Inventory at 51.6 index points, the index shows an expansion in raw materials inventory in the review month, after declining for eleven consecutive months. Of the sixteen sub-sectors, eight recorded expansion in raw materials inventories in the order: cement; food, beverage & tobacco products; textile, apparel, leather & footwear; plastics & rubber products; chemical & pharmaceutical products; transportation equipment; appliances & components; and paper products. The remaining eight sub-sectors recorded decline in inventories in the order: petroleum & coal products; computer & electronic products; electrical equipment; primary metal; nonmetallic mineral products; furniture & related products; fabricated metal products; and printing & related support activities. The composite PMI for the nonmanufacturing sector declined for the twelfth consecutive month. The index stood at 47.1 points, indicating a slowing contraction when compared to that in November 2016. Of the eighteen non-manufacturing sub-sectors, ten recorded contraction in the following order: construction; public administration; professional, scientific, & technical services; information & communication; repair, maintenance/washing of motor vehicles; accommodation & food services; health care & social assistance; finance & insurance; wholesale/retail trade; and electricity, gas, steam & air conditioning supply. The remaining eight subsectors recorded expansion in the order: utilities; educational services; agriculture; transportation & warehousing; management of companies; arts, entertainment & recreation; water supply, sewage & waste management; and real estate, rental & leasing. At 48.2 index points, business activity declined for the twelfth consecutive month but at a slower, rate in December 2016. Nine sub-sectors recorded contraction in the following order: construction; public administration; information & communication; professional, scientific, & technical services; repair, maintenance/washing of motor vehicles; finance & insurance; accommodation & food services; electricity, gas, steam & air conditioning supply; and health care & social assistance. The remaining nine sub-sectors recorded expansion in the order: utilities; educational services; agriculture; transportation & warehousing; management of companies; water supply, sewage & waste management; real estate, rental & leasing; arts, entertainment & recreation; and wholesale/retail trade. At 46.9 index points, new orders for non-manufacturing show a slowing contraction in December 2016. Of the eighteen sub-sectors, ten contracted in the following order: construction; public administration; professional, scientific, & technical services; information & communication; accommodation & food services; real estate, rental & leasing; electricity, gas, steam & air conditioning supply; health care & social assistance; transportation & warehousing; and repair, maintenance/washing of motor vehicles. The wholesale/retail trade sub-sector remained unchanged, while the remaining seven subsectors recorded expansion in the order: arts, entertainment & recreation; management of companies; utilities; agriculture; educational services; finance & insurance; and water supply, sewage & waste management.

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