Nigeria’s economic activities have shrunk for the second consecutive month, according to the November 2024 Purchasing Managers Index, PMI, released by the Central Bank of Nigeria, CBN.
The PMI stood at 48.9 points in November, remaining below the 50-point threshold that separates economic growth from contraction. This marks a continued downturn in the nation’s economic performance.
The CBN’s report indicates that all components of the composite index showed declines, pointing to a widespread slowdown across key economic indicators.
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Analysis of the 36 sub-sectors across industry, services, and agriculture sectors reveals a mixed picture. While 14 subsectors experienced growth, led by transportation equipment, 22 subsectors recorded declines. Notably, the transportation and warehousing sector suffered the sharpest drop during the review period.
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