Purchasing Managers’ Index increases to 55.3 points

Nigeria’s Manufacturing Purchasing Managers’ Index has increased to 55 index points, indicating expansion in the manufacturing sector for the sixth consecutive month.

The PMI is an indicator of the economic health of the manufacturing sector.

According to the PMI report 14 of the 16 sub-sectors reported growth in the month under review.

PMI is based on five major indicators of new orders, inventory levels, production, supplier deliveries and the employment environment.