The latest PMI report from the Central Bank of Nigeria indicates that the agricultural sector has continued to expand despite Nigeria’s Purchasing Manager Index dipping for the second consecutive month.
The report, released on Friday, showed that Nigeria’s composite PMI contracted for the second month in a row to settle at 48.9 points in November compared to 49.6 points in October, implying a 1.2 ppt shortfall. PMI is used to gauge the direction of economic activities in Nigeria for a month.
The survey conducted by the CBN covered 1,900 respondents who are companies purchasing and supply executives drawn from three sectors of the economy, namely industry, services, and agriculture.
The agriculture sector index at 51.0 points indicated expansion in activities in November 2024. Output, new orders, employment, and stock of raw materials all grew at 51.4, 51.2, 50.6, and 51.0 index points, respectively, in the month under review.
Among the five subsectors surveyed, three recorded expansion while two contracted. The report revealed that crop production was the subsector with the highest expansion while fishing/fish farming recorded the highest contraction. Business activities were muted in the industry and services sectors, given their respective PMI scores of 49.3 and 47.4 points.
