Central Bank of Nigeria (CBN) has reported that the country’s economic activities expanded in August, despite a decline in employment levels across various sectors.
Gatekeepers News reports that according to the CBN’s Purchasing Manager’s Index (PMI) report, the composite PMI for August 2024 stood at 50.2 index points, indicating an expansion in economic activities after 13 consecutive months of contraction.
However, the report also revealed that employment levels dropped in all sectors of the economy, with the industry sector employment index standing at 47.5 points, indicating a contraction in employment.
The services sector employment index also recorded a contraction at 49.2 points, while the agriculture employment index stood at 48.8 points, indicating a decline in employment.
CBN stated that the PMI survey was conducted from August 12-16 to gauge the direction of economic activities in Nigeria for the month. “The survey respondents were the company’s Purchasing and Supply Executives, drawn from the three sectors of the economy, namely: Industry, Services, and Agriculture,” the bank said.
“The PMI is computed based on responses regarding the direction of change in different aspects of respondents’ business activities. An index above 50.0 points indicates an expansion in business activities, while below 50.0 points indicates a contraction in business activities. An index of 50.0 indicates a no-change situation,” CBN explained.
