The latest Purchasing Manager’s Index released by the Central Bank of Nigeria has indicated that economic activities expanded in August for the first time in 13 months.
The PMI published by the CBN on Wednesday showed that the composite PMI for August 2024 stood at 50.2 index points, indicating an expansion in economic activities after 13 consecutive months of contraction.
“The sectoral breakdown shows that the services sector recorded expansion for the third consecutive month, while the agricultural sector registered expansion for the first month. The industry sector, though contracted, registered a slower contraction when compared to the level recorded in the previous month.
“Among the 36 subsectors reviewed across the industry, services and agriculture sectors, 17 subsectors reported growth with primary metal reporting the highest growth during the review month, while the remaining 19 subsectors registered a decline with forestry reporting the highest decline.
“Output, new orders and stock of raw materials at 50.8, 50.5 and 51.3 points, respectively indicated growth. Suppliers’ Delivery Time is Stationary at 50.0 points, while Employment at 48.7 points registered a decline in August 2024,” the report stated.
