The Central Bank of Nigeria has reported that economic activities in the country have experienced continued contraction, marking the 13th consecutive month of decline since June 2023.
It specifically said activities in Nigeria’s economy contracted to 49.7 points in July this year, though a slight improvement when compared with the 48.8 points recorded in June.
This was disclosed on Wednesday in the newly released Purchasing Managers’ Index report for July 2024. On Tuesday, the apex bank reinstated the publication of several key economic reports, reaffirming its commitment to fostering transparency and accountability in the Nigerian economy.
These reports include the Purchasing Managers’ Index, Business Expectation Survey, Inflation Expectation Report, and other macroeconomic indicators.
According to the report, the Purchasing Managers’ Index for the month stood at 49.7 points, signaling a contraction in economic activities during the month but an improvement from June which stood at 48.8 points.
The PMI is calculated based on responses about the direction of change in various aspects of respondents’ business activities.
