Grapevine

Nigeria’s PMI rises for the 13th consecutive month – CBN

Nigeria’s Purchasing Managers’ Index (PMI), a gauge for the direction of economic activities in Nigeria, stood at 49.7 points, indicating a contraction in economic activities for the thirteenth consecutive month.

This was disclosed by the Central Bank of Nigeria (CBN) in its July PMI survey report released on Wednesday.

However, it said the index shows improvement compared to the 48.8 points recorded in the previous month.

According to the report, output level, suppliers’ delivery time and stock of inventory expanded. New orders and employment contracted at a slower rate compared to the levels recorded in the previous month.

The survey, conducted from 15 to 19 July, gathered responses from purchasing and supply executives across Nigeria’s three main economic sectors: Agriculture, Industry, and Services.