Why manufacturing sector growth dipped in Q1

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Nigerian Army vehicle manufacturing company

By Oluwafunke Ishola

The manufacturing sector witnessed a sluggish growth in the first quarter of 2019 due to electioneering activities, in spite of the sustained growth of the Purchasing Managers’ Index (PMI) for 26 consecutive months.

The first quarter Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) showed that the manufacturing sector grew by 0.81 per cent as against 2.35 per cent recorded in fourth quarter of 2018.

The manufacturing sector standing at 0.81 per cent during the first quarter of 2019 fell by 2.59 per cent compared with 3.4 per cent recorded in corresponding period 2018 and by 1.54 per cent when compared with 2.35 per cent of the fourth quarter of 2018.

However, this contrast with the consistent rise in PMI during the review period.

According to the PMI report of the Central Bank of Nigeria (CBN) for May, manufacturing PMI rose to 57.8 index points from 57.7 index points…



Source: News Agency of Nigeria