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Nairaland Forum / Nairaland / General / Business / Nigeria’s Manufacturing Sector Expands In May (6677 Views)
World Bank Reports Expansion In Nigerian Manufacturing Sector / Nigeria’s Manufacturing Sector Remains Steady / Nigeria’s Manufacturing Sector Sustains Growth For Sixth Consecutive Month (2) (3) (4)
Nigeria’s Manufacturing Sector Expands In May by Truth234(m): 12:48pm On Jun 02, 2017 |
The ongoing economic recovery plan has started impacting the economy after data showed the manufacturing sector expanded for the second consecutive month in May. According to the Purchasing Managers’ Index (PMI) report for May, the index stood at 52.6, indicating the manufacturing sector is sustaining April growth following the introduction of investors and exporters forex window. This is above the 50 level separating expansion from contraction. The report released by the Central Bank of Nigeria, CBN, showed 10 of 16 the sub-sectors reported grew in May. While, the remaining 6 sub-sectors declined in this order: transportation equipment; nonmetallic mineral products; fabricated metal products; printing & related support activities; furniture & related products and computer & electronic products. Also, the report showed that production index for manufacturing surged to 58.7 in May from 58.5 recorded in April. Making it the third consecutive month increase. “The surge in the manufacturing activities further validated the ongoing business policy by the federal government to ease business and ensure manufacturers access forex at a market-determined rate,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd. “Gradually confidence is returning to the market as you can see from the surge in the index for new orders,” he added. The new order index for May rose to 50.5, this is the second consecutive growth in new orders this year. Naira gained against the greenback to trade at N374 a dollar. http://investorsking.com/nigerias-manufacturing-sector-expands-may/ mynd44 6 Likes |
Re: Nigeria’s Manufacturing Sector Expands In May by Arian11(m): 1:39pm On Jun 02, 2017 |
three ftcs in one day their fathers!!!!!!!! back to the topic this is good news and only happens when yemi bobo is the acting president osinbajo till rapture 5 Likes 1 Share |
Re: Nigeria’s Manufacturing Sector Expands In May by IhateAfonjas(m): 1:39pm On Jun 02, 2017 |
Duy |
Re: Nigeria’s Manufacturing Sector Expands In May by tdayof(m): 1:39pm On Jun 02, 2017 |
Wonderful. What I want to see is manufacturing of technological products. Seems we're running away from that. 2 Likes |
Re: Nigeria’s Manufacturing Sector Expands In May by Ekakamba: 1:40pm On Jun 02, 2017 |
Partial Goodnews! We pray for better Country, Citizens and days. So help us God. May God help the coordinator who is coordinating to coordinate better. Amen. |
Re: Nigeria’s Manufacturing Sector Expands In May by hucienda: 1:40pm On Jun 02, 2017 |
Finally. Some good news. Kudos Buhari. 9 Likes |
Re: Nigeria’s Manufacturing Sector Expands In May by BedLam: 1:40pm On Jun 02, 2017 |
Expanded ? What are we manufacturing ? Don't quote me unless you are inviting Patrick Sawyer 1 Like |
Re: Nigeria’s Manufacturing Sector Expands In May by seunny4lif(m): 1:44pm On Jun 02, 2017 |
Please What are we producing ooooooooh Can someone explain 1 Like |
Re: Nigeria’s Manufacturing Sector Expands In May by SuperS1Panther: 1:52pm On Jun 02, 2017 |
Just wait for the arrival of Children of Hatred and Wailers to argue about this and claim it is propaganda, but if it is bad news concerning Nigeria, their Osu legs will hasten to dance Skelewu to it. 7 Likes |
Re: Nigeria’s Manufacturing Sector Expands In May by Nobody: 1:53pm On Jun 02, 2017 |
Truth234:Lies from the pit of APC, CBN is just countering the report tHat Nigeria has faced the worst recession in 25 years, Please fool the gullible, Osinbajo is just an Uncle Tom who stod by while christains were slaughterd.APC is unredeemable.NEXT!!!!! 4 Likes 1 Share |
Re: Nigeria’s Manufacturing Sector Expands In May by lionel4power(m): 1:53pm On Jun 02, 2017 |
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Re: Nigeria’s Manufacturing Sector Expands In May by lionel4power(m): 1:53pm On Jun 02, 2017 |
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Re: Nigeria’s Manufacturing Sector Expands In May by lionel4power(m): 1:53pm On Jun 02, 2017 |
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Re: Nigeria’s Manufacturing Sector Expands In May by BedLam: 2:00pm On Jun 02, 2017 |
tdayof:That will take years and amkunt if money to achieve as we would have to start from the primary school level. Our education system don't have regulators, researchers etc. It's been like this since 1969. 2 Likes 1 Share |
Re: Nigeria’s Manufacturing Sector Expands In May by lionel4power(m): 2:06pm On Jun 02, 2017 |
.... |
Re: Nigeria’s Manufacturing Sector Expands In May by Nobody: 2:12pm On Jun 02, 2017 |
Of course Importing is becoming expensive. 1 Like 1 Share |
Re: Nigeria’s Manufacturing Sector Expands In May by GrandGarcon: 2:19pm On Jun 02, 2017 |
Lie Mohammed at it again. 1 Like |
Re: Nigeria’s Manufacturing Sector Expands In May by datola: 2:20pm On Jun 02, 2017 |
Good development! I appeal to Nigerians (the right thinking) to buy made in Nigeria goods. They should overlook some imperfections in them for now. In no time standards will set in with competitions, high standard products will come out of Nigeria. I remember some years back at the Kotoka International Airport, Ghana, some Ghanaian marketed their chocolate to me claiming Ghanaian chocolate is the best in the world as it has zero percent milk. History has it that Japanese products used to be very substandard. They took the hard decision of operating a closed economy by shunning imported products. They operate one of if not the production process in the world. If we do this little gesture of buying our products, we have a lot to benefit, ranging from jobs, less crime, dollar rate coming down, etc 5 Likes 1 Share |
Re: Nigeria’s Manufacturing Sector Expands In May by seguno2: 2:21pm On Jun 02, 2017 |
hucienda: Kudos for the absentee president? Anyway, do you know if this was the reason for the corruption reported below? https://www.nairaland.com/3835120/reps-summon-adeosun-over-n17 |
Re: Nigeria’s Manufacturing Sector Expands In May by jashar(f): 2:22pm On Jun 02, 2017 |
we made it happen..... |
Re: Nigeria’s Manufacturing Sector Expands In May by AnambraDota: 2:58pm On Jun 02, 2017 |
SuperS1Panther: you are always bitter and frustrated, Who will redeemed this condemned soul from bitterness and anger 3 Likes |
Re: Nigeria’s Manufacturing Sector Expands In May by seguno2: 3:01pm On Jun 02, 2017 |
datola: Great post. However the public servants whom we employed with our votes to run our government are obviously not "right thinking" Nigerians. Look at the furniture in their offices and homes. Look at the clothes and shoes that they wear. Look at the materials that they use to build houses, schools, clinics etc. They even send their children to universities abroad despite being VCs of Nigerian universities that they are shutting down because students complain about lack of ID cards. The ID cards are probably not available because the VC stole the money and used it to pay the fees for his child studying abroad. Many youths who praise their yeyebrities for posting pictures of slays and swagger vacations in Dubai, Florida, Italy etc do not realise how it adds to their own UNEMPLOYMENT. So sad really. 3 Likes |
Re: Nigeria’s Manufacturing Sector Expands In May by Truth234(m): 3:02pm On Jun 02, 2017 |
ehie: What? CBN released the data yesterday. Here is a link to CBN report https://www.cbn.gov.ng/Out/2017/SD/PMI_Report_May%202017.pdf |
Re: Nigeria’s Manufacturing Sector Expands In May by SuperS1Panther: 3:04pm On Jun 02, 2017 |
AnambraDota: It is only Children of Hatred, Cousins of Benjamin Netayanhu that are always bitter, angry and envious of others. 2 Likes |
Re: Nigeria’s Manufacturing Sector Expands In May by seguno2: 3:09pm On Jun 02, 2017 |
9jakohai: That is why having a devalued naira makes great sense. China has built itself into an economic powerhouse by deliberately undervaluing its currency to make imported goods expensive in addition to having discouragingly high tariffs. You can read the news in the link below: https://mobile.nytimes.com/2017/04/11/business/economy/trump-china-currency-manipulation-trade.html Person wey never suffer well well, how im want take enjoy in a sustainable manner? How? |
Re: Nigeria’s Manufacturing Sector Expands In May by seguno2: 3:18pm On Jun 02, 2017 |
BedLam: Unfortunately, Buhari and APC have no plans for making education of all our children their priority. Katsina state is so backward in enrolment and WAEC/JAMB scores despite being the state of Buhari, Yar'Adua and other people who have ruled Nigeria for several years. Even Lagos state that has been ruled by Tinubu, Fashola and Ambode cannot boast of 100% enrolment of children in schools, talk less of having adequate teachers, classrooms, laboratories, libraries and Quality Assurance Monitors. We are all jokers praying and fasting for divine intervention instead of slavishly working away in the laboratories. |
Re: Nigeria’s Manufacturing Sector Expands In May by donqx: 3:24pm On Jun 02, 2017 |
how |
Re: Nigeria’s Manufacturing Sector Expands In May by Proudlyngwa(m): 3:27pm On Jun 02, 2017 |
Big lies. Cooked up figures. 1 Like |
Re: Nigeria’s Manufacturing Sector Expands In May by micfoley: 3:59pm On Jun 02, 2017 |
Expanded to where abeg? Things are very expensive in the markets o |
Re: Nigeria’s Manufacturing Sector Expands In May by gozzynes(m): 5:01pm On Jun 02, 2017 |
Can this acclaimed growth cause some reduction in the prices of goods manufactured in Nigeria? We need to see the impact of these figures in the economy, not on the papers please.[color=#006600][/color] |
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