In August 2024, Nigeria’s Purchasing Managers’ Index (PMI) showed its first economic expansion in 13 months. The Central Bank of Nigeria (CBN) reported a composite PMI of 50.2 index points, marking a shift from prolonged contraction.
The Services Sector expanded for the third month, and the Agricultural Sector saw growth for the first time.
Although the Industry Sector continued to contract, the pace of decline slowed. Among 36 sub-sectors, 17 reported growth, with Primary Metal leading, while 19 sub-sectors experienced a decline, with Forestry facing the most significant drop.
Key indices for output, new orders, and raw material stocks indicated growth, signaling a positive shift in Nigeria’s economic landscape.