The Trade Union Congress of Nigeria (TUC) has reaffirmed its dedication to protecting the rights and interests of Nigerian workers. The TUC pledged to persist in advocating for policies that foster social justice, equitable wages, and a decent work environment.
CBN REPORTS FIRST EXPANSION IN ECONOMIC ACTIVITIES IN 13 MONTHS
The Central Bank of Nigeria (CBN) reported that economic activities saw their first expansion in 13 consecutive months, reaching 50.2 index points in August 2024.
The CBN’s Purchasing Managers Index for August indicated that employment levels contracted for the eighth consecutive month, falling to 48.7 index points, with the Forestry sector showing the most significant decline during this period.
The CBN noted: “The composite PMI for August 2024 was 50.2 index points, signaling the first expansion in economic activities after thirteen months of contraction.
“Sectoral analysis reveals that the Services Sector expanded for the third consecutive month, while the Agricultural Sector saw expansion for the first time.
“Although the Industry sector contracted, the rate of contraction was slower compared to the previous month.
“Of the 36 sub-sectors reviewed across Industry, Services, and Agriculture, 17 reported growth, with Primary Metal showing the highest growth during the review month. In contrast, 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.”
On employment levels, CBN highlighted: “The composite Employment index, at 48.7 index points in August 2024, indicated continued contraction in employment for the eighth consecutive month.
“This index remained consistent with the level in July 2024, showing 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 experiencing the highest declines. Six sub-sectors remained unchanged, while eleven saw increased Employment Levels, with the Electrical Equipment sub-sector showing the most significant increase.”