Manufacturing sector sustained growth for a seventh consecutive month in October, according to the data released by the Central Bank of Nigeria on Tuesday.

The Manufacturing Purchasing Managers’ Index expanded 55 in the month, slightly lower than the 55.3 recorded in September but above the 50 level that divides expansion from contraction and suggests the sector remains steady as the economy continued to recover.

Also, the report showed 11 of the 16 sub-sectors surveyed reported growth in October in the following order: plastics & rubber products; paper products; nonmetallic mineral products; chemical & pharmaceutical products; textile, apparel, leather & footwear; food, beverage & tobacco products; furniture & related products; primary metal; electrical equipment; printing & related support activities; and fabricated metal products.

The gauge of new orders expanded 52.8 in the month, with 7 of the sub-sectors reporting growth, 2 remains unchanged while the remaining 7 contracted in October. This is below the 53.5 recorded in September when 10 sub-sectors reported growth.

Manufacturing Production Index stood at 58.4 level in the month, indicating steady production in the manufacturing sector. But when compared to the 58.8 recorded in September, the pace of increase was slightly slower.

However, inventories index grew 56.5 in October, faster when compared to September 2017. Suggesting that businesses are already preparing for the usual Christmas rush. Ten of the 16 sub-sector recorded growth in raw material inventories, while four sub-sector declined with two remaining unchanged.

Employment in the sector grew at 53.1.

Since the economy rebounded from recession in the second quarter, the Federal Government has deepened its effort at sustaining recovery and broadening economic growth in the non-oil sector.

The Minister of Finance, Kemi Adeosun announced on Tuesday in Abuja that a record-high N797 billion was generated in revenue, Value Added Tax, between January and October 2017.

This further validated improved effort at increasing revenue base as Nigeria looks to diversify the economy.

http://investorsking.com/nigerias-manufacturing-sector-remains-steady/

Only pure water manufacturing is steady

where do all these reports come from.

so much figures and improvement, zero impact.

ftc
Aaaah! This two people already b4 me

Them try

Steady? Who comes up with these statistics and unfounded half truths? Lies, propaganda, deceit is all they know. We know 2019 is around the corner.

MY PRESIDENT IS WORKING.

Steady my foot

Forget all the lies biko. ...


TEF don dey pay people o.....

Nna. ..me no fit sleep.

You talking to a millionaire right now.

Money talk.....Bullshit. ...KipKwayet

Nine comments above me agrees that this statistics are false... Over to the comments below me...

Yoruba olowole reporting

I think this is true because local production is becoming popular

Steady like Titanic.
Even BYC undershirt and razor blade can't be made in this country - look at the cost of energy alone.

all these statistics sef

The way this (ipob)pigs hate good news enh is alarming.. If the news were to be the other way round the pigs(ipob) would have been celebrating upandan

uzoclinton:
Steady my foot

Why do Igbos(pigs) hate good news

vecman22:


Why do Igbos(pigs) hate good news

ive lived in this country longer than you... I know propaganda when I see one. 2019 is fast approaching so things like this go dey spring up on a regular....

God bless Nigeria

uzoclinton:
ive lived in this country longer than you... I know propaganda when I see one. 2019 is fast approaching so things like this go dey spring up on a regular....

But if the news is the other way round its not propaganda abi??why are you guys this bitter na,see one thing I can assure you and your fellow Igbos is buhari will be on that seat till 2023,so all this hate is just waste of time.

Why is the unemployment rate not reducing?

are you sure?

vecman22:


But if the news is the other way round its not propaganda abi??why are you guys this bitter na,see one thing I can assure you and your fellow Igbos is buhari will be on that seat till 2023,so all this hate is just waste of time.

.. I understand where you are coming from and i dont blame you..... Nigeria is infested and damaged beyond repair by tribalism that is why a sane man like you would wish such wickedness on nigerians...

uzoclinton:
.. I understand where you are coming from and i dont blame you..... Nigeria is infested and damaged beyond repair by tribalism that is why a sane man like you would wish such wickedness on nigerians...

Very true,tribalism have eaten down into our system so much which is why insane Igbos were wishing a particular badluck on Nigerians....

All Na lie jor bt i still prefer this administration to Jona Administration.

2019... Gbagam! Gbagam! Gbagam!

I know Nigeria will be great again

Some Nigerians love and hope to read terrible News about the country everyday. the live terrible lives and expect everyone else to live same. Good and positive news bring so much pain /heartache to them and the vehemently resist it and condemn it. There are many of them here on Nairaland. Shame.

President Buhari is working

Steady in manufacturing what?
Please pass me what you are smoking

vecman22:


But if the news is the other way round its not propaganda abi??why are you guys this bitter na,see one thing I can assure you and your fellow Igbos is buhari will be on that seat till 2023,so all this hate is just waste of time.

2023?
Bros why you dey swear na