New Telegraph

CBN: PMI rose to 51 in December

After two consecutive months of contraction, the country’s Purchasing Managers’ Index (PMI) rose to 51.0 index points in December 2024, the Central Bank of Nigeria’s (CBN) latest PMI survey report shows. PMI gauges the direction of economic activities in the country for the month, with an index above 50.0 points indicating an expansion in business activities, while below 50.0 points shows a contraction in business activities. An analysis of the PMI survey report for December 2024, indicates that the Industry sector improved from a contractionary position in November.

However, at 50.0 index points, it shows that industrial activities were at a stationary level in December. According to the report, at 52.1 points, the Services sector index indicates an expansion of activities in the month of December, while at 52.7 points, the Agricultural sector registered expansion for the sixth consecutive month. In a related development, the Business Expectations Survey (BES) report for December 2024, also released by the apex bank, on Friday, shows that firms were optimistic about the overall macro economy. The report said that the optimism may be attributed to the firms’ “positive outlook on exchange rate, volume of business activities and volume of total order.”

It further stated that the optimism for December 2024 was driven by all sectors, “with the agriculture Lawrence Olaoye ABUJA President Bola Tinubu has commended the government of Finland for the arrest and detention of Simon Ekpa, saying that his administration would not tolerate divisive actions and statements.

The President said this on Friday, while receiving the Letter of Credence from the Finnish Ambassador to Nigeria, Ms Sanna Selin, at the State House. Ekpa, alleged to be a major promoter of a faction of Indigenous Peoples of Biafra (IPOB) causing insecurity in the South-East, was recently arrested and charged with terrorism in Finland. The President commended the Finnish authorities for the timely intervention that safeguarded the nation’s insector recording the highest optimism.”

Specifically, the report said firms expect the naira to appreciate between December and June this year The report further stated that in line with the favourable expectations, businesses are optimistic about employing more workers this month. However, according to the report, the firms said they were hampered by factors such as high bank charges, poor infrastructure, unfavourable economic climate, insecurity, unfavourable political climate and inadequate access to credit.

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