The Central Bank of Nigeria, CBN, said economic activities recorded its first expansion in 13 consecutive months to 50.2 index points in August 2024.
CBN disclosed this in its Purchasing Managers Index for August which also showed that employment level contracted for eighth consecutive months to 48.7 index points with Forestry sector recording the highest decline in the review period.
CBN said: “The composite PMI for August 2024 stood at 50.2 index points indicating expansion in economic activities for the first time in thirteen 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 sub-sectors reviewed across the Industry, Services and Agriculture Sectors, 17 sub-sectors reported growth with Primary Metal reporting the highest growth during the review month, while the remaining 19 sub-sectors 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 Stationaryat 50.0 points, while Employment at 48.7 points registered a decline in August 2024.”
On employment level, CBN said: “The composite Employment index, at 48.7 index points in August 2024, indicated contraction in employment level for the eighth consecutive month.
change in employment during the period.
“Nineteen sub-sectors reported contraction in Employment Level, withTransportation Equipment and Forestry subsectors recording the highest decline in the review month.
“ Six sub-sectors remained unchanged, while the remaining 11 sub-sectors reported increased Employment Levels With Electrical Equipment subsector having the highest Employment.”