By Babajide Komolafe
The Central Bank of Nigeria (CBN) has released the Purchasing Managers Index (PMI) report for January which showed that economic activities persisted for the nineth consecutive month.
The CBN state that 29 of the 34 sectors surveyed recorded expansion in January.
The report stated: “The Manufacturing PMI in the month of January stood at 57.3 index points indicating expansion in the manufacturing sector for the tenth consecutive month. The index however grew at a slower rate, when compared to that in the previous month. Of the 16 subsectors, 13 reported growth in the review month.
“The composite PMI for the non-manufacturing sector stood at 58.5 points in January 2018, indicating expansion in the Non-manufacturing PMI for the ninth consecutive month. Sixteen of the 18 non-manufacturing subsectors recorded growth.”