The Central Bank of Nigeria (CBN) announced that economic activities experienced their first expansion in 13 consecutive months, reaching 50.2 index points in August 2024.
According to the CBN’s Purchasing Managers Index for August, the employment level contracted for the eighth consecutive month, dropping to 48.7 index points, with the Forestry sector showing the most significant decline during the review period.
The CBN stated: “The composite PMI for August 2024 stood at 50.2 index points, marking the first expansion in economic activities after thirteen months of contraction.
“The sectoral analysis reveals that the Services Sector experienced expansion for the third consecutive month, while the Agricultural Sector saw expansion for the first time.
“Although the Industry sector contracted, it showed a slower rate of contraction compared to the previous month.
“Among the 36 sub-sectors reviewed across Industry, Services, and Agriculture, 17 sub-sectors reported growth, with Primary Metal showing the highest growth during the review month. Conversely, 19 sub-sectors experienced a decline, with Forestry seeing the greatest decline.
“Output, New Orders, and Stock of Raw Materials registered growth, with index points at 50.8, 50.5, and 51.3, respectively. Suppliers’ Delivery Time remained unchanged at 50.0 points, while Employment dropped to 48.7 points in August 2024.”
Regarding employment levels, CBN noted: “The composite Employment index at 48.7 index points in August 2024 indicated continued contraction in employment for the eighth month in a row.
“This index remained consistent with the level in July 2024, reflecting no significant change in employment during the period.
“Nineteen sub-sectors reported a contraction in Employment Level, with the Transportation Equipment and Forestry sub-sectors recording the highest declines. Six sub-sectors remained unchanged, while eleven sub-sectors saw increased Employment Levels, with the Electrical Equipment sub-sector showing the most significant increase.”