Written by Editor on January 4, 2018
The Central Bank of Nigeria, CBN yesterday released its Purchasing Managers Index survey for December which indicated continuous rapid expansion of economic activities during the month.
The report showed that the Manufacturing PMI and Non-Manufacturing PMI rose to the highest level in more than three years.
While the Manufacturing PMI rose to fifty nine point three percent and the Non-Manufacturing PMI rose to sixty two point one percent during the month.
The report also showed that thirty out of the thirty four subsectors surveyed by the apex bank recorded expansion, up from twenty subsectors that recorded expansion in November.
The Manufacturing and Non-Manufacturing PMI report on businesses is based on survey responses indicating the changes in the level of business activities in the current month compared with the preceding month.
A composite PMI above fifty points indicates that the manufacturing/non-manufacturing economy is generally expanding,fifty points indicates no change and below fifty points indicates that it is generally contracting.