The economy recorded expansion in activities for the second consecutive month , with the Purchasing Manager Index (PMI) settling at 50.2 index points in January2025 according to the Central Bank PMI report.
According to the CBN report released last night, Industry sector improved from astationary position in December 2024 to an expansionary level by 51.3 inthe current month , the service sector index recorded 48.6 contraction in economicactvities for themonth under review, while the agriculture sector recorded 52.5 expansion for the sixth consecutive month.
Among the 17 sub-sectors surveyed, 10 recorded expansions, 6 indicatedcontraction while plastic & rubber products sub-sector was stationary.
The sub-sector with the highest expansion was transportation equipment, whereas non-metallic mineral product recorded the highest contraction. The industry sector index, at 51.3points indicated an expansion in industrial activities in January 2025.
According to PMI, in January 2025, output and employment indicated growth at 54.0 and 52.4index points respectively. New orders and Stock of Raw Materials declined at 49.6points, respectively.
The Suppliers’ Delivery Time index was slower at 49.6 index points in January 2025.
For the services sector, among the 14 sub-sectors surveyed, 3 recorded expansions, 10 indicated contraction while Management of Companies was stationary.
The sub-sector with the highest expansion was motion pictures, cinema,sound recording and music production, whereas transportation &warehousing recorded the highest contraction. The services sector index, at 48.6points indicated contraction ofactivities in the month of January 2025 .The business activities (output), new order stock of raw materials and employment stood at 48.8, 48.6, 48.6 and 48.4 indexpoints, respectively. These indices all indicate a decline in the review month.
For the agriculture sector, the index stood at 52.5points inducting an expansion in January 2025.
Among the 5 sub-sectors surveyed, 4 recorded expansions, while 1 indicated contraction. The sub-sector with the highest expansion was crop production, whereas forestry recorded contraction.
