September 5, 2024/CBN
1.0 Introduction
The August 2024 Purchasing Managers’ Index (PMI) survey was conducted from August 12-16, 2024, 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 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.
2.0 COMPOSITE PMI
Output, New Orders and Stock of Raw Materials are growing. Suppliers’ delivery time is Stationary, while Employment is declining.
The composite PMI for August 2024 stood at 50.2 index points, indicating expansion in economic activities for the first time in thirteen consecutive months of contraction (Fig. 1).
The sectoral breakdown shows that the Services Sector recorded expansion for the third consecutive month, while the Agricultural Sector registered expansion for the first month.
The Industry Sector, though contracted, registered a slower contraction when compared to the level recorded in the previous month (Fig. 2).
