…The sub-sector with the highest expansion was Motion Pictures, Cinema, Sound recording and Music production
SUN FEB 16 2025-theGBJournal| Nigeria’s composite PMI for January 2025 rose to 50.2 index points, indicating expansion in economic activities for the second consecutive month, according to latest data published by the Central Bank of Nigeria (CBN).
The data shows that The Industry Sector improved to 51.3 from a stationary position in December 2024 to an expansionary level in the current month. Agriculture Sector (52.5) registered expansion for the sixth consecutive month.
However, The Services (48.6) Sector index indicated contraction in economic activities for the month under review.
At 50.9, 50.2 and 50.2 points, the composite Output, New Orders and Employment level respectively, indicated growth for the period under review while the Composite Stock of Raw Materials indicated decline at 49.8 points.
The data shows that the Suppliers’ Delivery Time was slower at 49.6 index points.
17 subsectors reported growth in economic activities with Transportation Equipment
reporting the highest growth during the review month while 17 sub-sectors registered decline in economic activities with Forestry reporting decline. 2 subsector stayed unmoved during the period under review.
The sub-sector with the highest expansion was Motion Pictures, Cinema, Sound recording and Music production, whereas Transportation & Warehousing recorded the highest contraction.
PMI Interpretation
An index above 50.0 points indicates an expansion in business activities. An index below 50.0 points indicates a contraction in business activities while an index of 50.0 indicates a no-change situation.
The January survey covers 1,900 respondents (company’s Purchasing and Supply Executives) drawn from the three sectors of the economy, namely: Industry Services, and Agriculture.
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