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Analysts: Budget passage, new wage’ll boost manufacturing

Analysts at FBNQuest Research have said they are expecting the imminent signing of the 2019 budget into law as well as the implementation of the national minimum wage to boost activities in the Nigeria’s manufacturing sector.

The experts stated this while commenting on FBNQuest’s latest Purchasing Managers’ Index (PMI) report.

Specifically, they said: “Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, declined fractionally in April from 56.9 to 56.8. Our sample is a representative blend of large, mediumsized and small companies, based across the country.

Three sub-indices improved in April and all closed in positive territory, the highest being 60 for new orders. The prevalent trend in April was an improvement in sentiment in large companies, matched by a deterioration among smaller firms.

The proportion of unchanged responses continued to rise, to above 90% in one case.”

Besides, they stated: “Manufacturing is dominated by consumer goods industries, which remain under pressure from subdued household demand. In our search for glimmers of hope, we look ahead to the implementation of the new law covering the increased national minimum wage and the signoff on the 2019 FGN budget, which has been approved this week by the Senate with minor modifications. We should stress that we see a pick-up off a low base.

” It would be recalled that President Buhari recently signed the national minimum wage bill into law, which increased the minimum wage from N18,000 to N30,000. Also, the Senate last Tuesday passed the 2019 Budget of N8.92trillion, as against N8.83trillion presented by President Muhammadu Buhari on December 18, 2018.: B

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Source: By Tony Chukwunyem

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