Business activities in the manufacturing sector rose for a fourth consecutive month in July.

The data released by the Central Bank of Nigeria (CBN) on Tuesday showed the Purchasing Managers Index expanded 54.1 in July, up from 52.9 in June and 52.6 in May. A reading above 50 indicate expansion.

The monthly survey which measures economic health of the manufacturing sector based on new orders, inventory levels, production, supplier deliveries and the employment. Revealed that 11 of the 16 sub-sectors surveyed reported growth in July.

While the remaining 5 sub-sectors that declined were petroleum & coal products; fabricated metal products; furniture & related products; non-metallic mineral products and plastics & rubber products.

Similarly, the manufacturing production index grew for the fifth consecutive month in July. Expanding by 59.3 to show the manufacturing sector is sustaining growth at a faster pace than previously anticipated.

Also, new orders grew for the fourth consecutive months. Rising by 52.7 in July. This further validated the surge in business confidence among consumers as the economy is gradually emerging from recession.

The sector continued to create new jobs as the manufacturing employment index also rose 51.8 in July. This is the third consecutive month of growth.

Analysts have attributed the sustained growth to the CBN’s efforts at ensuring manufacturers access forex with ease and at an affordable rate.

“Sustained growth is paramount to building business confidence,” said Samed Olukoya, a foreign exchange research analyst. “The exporters and investors forex window has helped deepen CBN’s efforts at expanding the manufacturing sector.”

“However, the apex bank needs to adjust its monetary rate to encourage mass participation,” he added.

The Naira remains fairly stable at N365 to a US dollar.

http://investorsking.com/nigerias-manufacturing-output-surges-for-fourth-consecutive-month/

We are making progress

God bless Nigeria. Ipob miscreants will not like this.See as they hide in their holes.

God Bless Nigeria

Sweet..Jah bless Nigeria

Check this out positive things that are taking place in the Nigeria right now

Kkkk

There is still POVERTY!

No choice

We can't import, so we have to make stuff to use.

Having said that, the holy grail is that of an actively exporting manufacturing economy . I hope we are serious about that.

Thank God for Osigbanjo

All this rose and rose and yet things still remain the same

Nonsense

Good sign but can't take the figures assigned report serious until employment rate increases Ann's price of products in the open market becomes affordable.

Sisqoman:
There is still POVERTY!

There always would be poverty

Until Nigeria becomes an exporter of finished manufactured goods

Yorubas have done it again. Yorubas dominate this economy.


www.businessdayonline.com/2015/02/ogun-ikeja-top-manufacturers-investment-destinations-in-2014

While Ogun, which is now Nigeria’s industrial hub, recorded N377 billion worth of investments within the period, Ikeja returned investments worth N39.86 billion.

Ogun State’s represents 78 percent of N483 billion worth of investments made in the whole of the manufacturing sector within the period under review, while Ikeja shares 8.3 percent.

Gorem2013:
God bless Nigeria. Ipob miscreants will not like this.See as they hide in their holes.

the manufacturing is made by ipob.

Now bury your head in shame

twilliamx:
People are seeing good indication that economy is stabilizing after 16years of been bleeped in the asss the pe

Well, we still have a long way to go.

We are still HEAVILY dependent on revenues from exporting raw materials. We have to become a manufacturing based economy.

Positive effect on the nation we need not paper work.

SAI BABA! abi na SAI OSIBANDE

Sisqoman:
There is still POVERTY!

The Poor will always be amongst us. So said Jesus. May we not be one of them.

Teewhy2:
Good sign but can't take the figures assigned report serious until employment rate increases Ann's price of products in the open market becomes affordable.

Yea,employment can increase only if manufacturing becomes the basis of our economic development, not oil.

Having said that, the fact is there are jobs.....in the technical sector. Problem is most Nigerians equate increased employment with white collar office jobs. That isn't how you build an economy. Economies are built by technicians

Maybe a surge in yam production

The manufacturing sector is were the government ought to give out dollar in a subsidies rate. But know, they prefer to subsidies for those going to Mecca for pilgrimage that add no value to the economy.

twilliamx:
People are seeing good indication that economy is stabilizing after 16years of been fucckked in the asss by the "People Destroyer Party" yet them go still dey complain. They expect magic to happen instantly but u can't bring down a 20story house and expect to build it back in a day, u need to consult your architects, quantity surveyor,electrical engineer,civil engineer etc just to get a proper plan before you can even think of laying a foundation and this principles applies to every aspect of life if you want things done right.
Nigeria will be great again.

Who promised to bring up the 20 storey house in a day?

Agimor:
The manufacturing sector is were the government ought to give out dollar in a subsidies rate. But know, they prefer to subsidies for those going to Mecca for pilgrimage that add no value to the economy.

They also subsidized Christians too...

But there has been talk of incentives for manufacturers eg reduced tarrifs on imported raw materials

Agimor:
The manufacturing sector is were the government ought to give out dollar in a subsidies rate. But know, they prefer to subsidies for those going to Mecca for pilgrimage that add no value to the economy.

Only a ignorant flat heads think like this. What's the topic about.... what are you saying?

Ibos and Northerners and their religious extremism

this is a something to be proud of. the present administration has its focus on improving local production and I must say that we are already see the fruits of their labour. well done, Nigeria.

Some of una sef.... Bigotry and tribalism won't allow most of u to read, think and reason well... Wen dis govt placed all the needless restrictions on forex in d country , importers and manufacturers were deeply affected as access to forex became a problem. After d CBN and govt succeeded in aiding d collapse of our currency , dey backtracked and removed d same silly restrictions and since den have been pumping forex into d market.. Now manufacturers and importers alike can source forex more easily ... D govt is simply undoing d evil it created...

Here we are nubilating.
Companies realising how tough keeping up with the unstable economy are ripping masses off with high cost of commodities.
Check most commodities you find it's either the price has gone so high or they they have repackaged to smaller sizes.

Painful part salary earners are stuck with the same pay to meet up with the great increase in cost of living