The Central Bank of Nigeria (CBN) has reported an expansion in economic activities for the first time in over a year, based on its latest Purchasing Manager’s Index (PMI). The August 2024 composite PMI reached 50.2 index points, signaling economic growth after 13 months of contraction.
The report highlighted that the services sector experienced growth for the third consecutive month, while the agricultural sector expanded for the first time. Although the industrial sector contracted, the decline slowed compared to previous months. Out of 36 subsectors reviewed, 17 showed growth, with primary metal leading the way, while forestry experienced the highest decline.
Key indicators like output, new orders, and raw material stock all registered growth above 50 points. However, employment levels remained in decline, continuing a trend for the eighth consecutive month, with a 48.7 index point reading.
The CBN’s report, based on data from August 12 to 16, offers crucial insights into Nigeria’s economic performance and is part of a broader effort to provide stakeholders with timely economic updates.
News Editor 
Hyelsinta Hassan