E- COPY (8-14) January 2018 cover pgg-compressed | Page 21

22
COMMERCE & INDUSTRY
Monday, January 8 - 14, 2018
CBN's PMI reveals expansion in manufacturing
sector for nine months
T
he Central Bank of
Nigeria has released a
recent Purchasing
Managers' Index (PMI), which
s h o w e d t h a t t h e
manufacturing sector stood at
59.3 points in December 2017,
indicating expansion in the
manufacturing sector for the
ninth consecutive months.
According to the latest PMI
report posted on the Central
Bank of Nigeria (CBN)
website, 15 of the 16 sub-
sectors reported growth in the
review month in the following
order: petroleum and coal
products; textile, apparel,
leather and footwear; cement;
transportation equipment and
paper products.
Others were food, beverage
and tobacco products;
furniture and related
products; plastics and rubber (L - R): Former President Olusegun Obasanjo; a guest; Deputy Senate President Ike Ekweremadu and Lagos
p r o d u c t s ; n o n - m e t a l l i c State Governor Akinwunmi Ambode, during the 2017 AITEO CAF Awards at the International Conference
mineral products; printing Centre, Accra, Ghana.. recently.
and related support activities;
appliances and components; decline in production level
"The employment level inventories," the report added.
chemical and pharmaceutical during the review month.
index in December 2017 stood
Also, the composite PMI for
products; fabricated metal
On the other hand, at 60 at 53.9 points, indicating the non-manufacturing sector
products; primary metal and points, the new orders index growth in employment level s t o o d a t 6 2 . 1 p o i n t s i n
electrical equipment.
grew for the nine-consecutive for the eighth consecutive December 2017, indicating
However, the computer month, indicating increase in month.
expansion in the non-
and electronic product sector new orders in December 2017.
"Of the 16 subsectors, nine manufacturing PMI for the
contracted in the review
The report showed that 13 subsectors increased their eighth consecutive month.
month.
sub-sectors reported growth, employment level, three
"At 67.4 points, the
On the other hand, at 63.2 two remained unchanged, remained unchanged while business activity index grew for
points, the production level while one contracted in the four subsectors reduced their the nine-consecutive month,
index for the manufacturing review month.
employment level in the i n d i c a t i n g e x p a n s i o n i n
sector grew for the tenth
S i m i l a r l y , t h e review month.
business activity in December
consecutive month in manufacturing supplier
"The manufacturing sector 2017. "The index grew at a
December 2017. The index delivery time index stood at inventories index grew for the faster rate, when compared to
indicated an increase in 57.4 points in December 2017, ninth consecutive months in its level in the previous month,
production in the current indicating faster supplier December 2017. At 61.1 points, indicating improvements in
month, when compared to its delivery time for the seventh the index grew at a faster rate business activities in the
level in the preceding month.
consecutive month.
when compared to its level in current month.
Eleven of the 16
E l e v e n s u b - s e c t o r s the previous months.
"Sixteen subsectors
manu facturing sub-sectors recorded improved suppliers'
"Eleven of the 16 sub- recorded growth in business
r e c o r d e d i n c r e a s e i n delivery time, one remained sectors recorded growth, three
activity, one sector remained
p r o d u c t i o n l e v e l , t h r e e unchanged while four sub- remained unchanged while
unchanged, while one declined
remained unchanged, while sectors recorded delayed two sub-sectors recorded
in the review month," it added.
the remaining two recorded delivery time.
decline in raw material
Lagos to tackle sub-standard products, services
T
he Lagos State
Government has
unveiled measures to
check sub-standard products
and services in the state.
Governor Akinwunmi
Ambode who stated this
during the inauguration of a
12-member board for the
newly created Lagos State
Consumer Protection Agency,
disclosed that the action
followed the high cases of
infraction on consumer rights.
He said establishing the
agency was also necessitated
by the huge population of the
state, which serves as the
commercial nerve centre of the
sub-Saharan Africa.
Ambode explained that the
inauguration of the board
indicated that his
administration has taken a
giant stride to safe guide the
welfare of residents.
He said: “The board also
demonstrates our strong
commitment to the protection
consumer rights. It is for the
promotion of consumer
satisfaction in the state. Our
resolve is to ensure that
consumers get value for the
money spent on goods and
services.
“The agency is meant to
complement the state
government's reform on the
ease of doing business,
especially as it affects the
development of the industrial,
commercial and consumer
satisfaction value chain.”
The governor stressed that
the body would be an effective
service centre for the protection
of consumer interest.
He added it would also settle
consumer disputes and other
connected purposes, as
enshrined in the Lagos State
Consumer Protection Law
2013.
According to him, the
board's membership had been
carefully selected from both the
private and public sector based
on their character over the
years.
He appealed to the members
to nurture the agency to become
an institution that would
guarantee timely delivery of
effective services to consumers
in the state.
“We expect that members of
the agency's board would
commence work immediately
to protect the rights of the
citizens and consumers in the
state,” he added.
Also, the Commissioner for
Commerce and Industry,
Rotimi Ogunleye, said with
the board in place, Lagos has
joined other developed cities
with consumer rights
protection agency.
He promised that the body
would protect the rights of
consumers, adding that the
previous consumer protection
committee, could only
discharge skeletal services.
The agency is chaired by
Mrs. Olufunmilola Falana,
while Mrs. Ajoke Olugbode
and Mr. Olajide Oduyebo
would serve as the General
Manager and Secretary
respectively.
Group lauds Army
over patronage of
local contents
T
he Nigerian Army has
been commended for ful-
filling its promise to pat-
ronise local manufacturing
industries in the country.
The Army recently
expressed interest in partner-
ing with local car manufac-
turer, Innoson Motors, in the
manufacturing of military vehi-
cles and other hardware
The Army it will be recalled
had also partnered with shoe
makers in Aba to acquire boots
for its men and officers.
Making the commenda-
tion, the South East Renewal
Group (SERG) likened the lat-
est partnership with Innoson
as a balm on a sore spot given
the contrived negative impres-
sion of the Army towards the
Southeast and Igbo businesses.
Addressing journalists in
Abuja, President General of
SERG, Charles Mbani com-
mended the Army, its leader-
ship under Chief of Army Staff,
Lt. General Tukur Buratai and
President Muhammadu
Buhari for growing the part-
nership with Innoson Motors
Manufacturing Company and
other Southeast business own-
ers.
He said through this action,
the army chief has again shown
that he has the best interest of
the country at heart.
According to Mbani, the
Army has by this partnership
with Innoson further demon-
strated that Nigeria can signifi-
cantly reduce its dependence
on foreign entities for the sup-
ply of equipment for securing
the nation.
He said it gives hope that
we will soon be exporting
armoured vehicles to other
countries because we have dem-
onstrated the capabilities of
these products in real opera-
tional environments.
He said, "The Army has
given a lifeline to the hundreds
of industries located in our part
of the country. We must note at
this point that the Army also
bought its boots and shoes
from Aba, so its commitment to
seeing industries in our land
grow is not mere eye-service
but a well calculated attempt to
address youth unemployment
and their resulting restiveness.
It is our firm belief that contin-
uing along this path will leave
terrorist groups without idle
youths to recruit to cause trou-
ble and harass law-abiding
Nigerians.
"The patronage of Innoson
Motors Manufacturing Com-
pany may appear insignificant,
or may be promoted by sabo-
teurs as something to be taken
for granted, but we dare say the
gains from this singular act are
unquantifiable even as they
tally with the government's
avowal to diversify the econ-
omy, which involves strength-
ening the manufacturing sector
and saving crucial foreign
exchange for the country.