The CBN made this known in a report on its last Monetary Policy Committee meeting on the Purchasers Managers Index.
PMI readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
The CBN explained that the non-manufacturing sector however, declined marginally to 48.0 index points in December 2021 from 48.6 points in November, largely reflecting a decline in services.
It said: “Staff projections showed that the economy is expected to remain on a path of positive growth, given the impressive performance in the third quarter of 2021 and continuing rebound in economic activities.
“The committee noted with satisfaction, the significant improvement in the Manufacturing Purchasing Managers’ Index, which rose to 52.0 index points in December 2021, compared with 50.8 index points in November reflecting the continuing economic recovery.
“This expansion was driven largely by increasing business activities in the economy, leading to increase in new orders and uptrend in employment and production levels.
“The non-manufacturing, however, declined marginally to 48.0 index points in December 2021 from 48.6 points in November, largely reflecting a decline in services.”
Dr. Okezie Ikpeazu, has accused his successor, Dr Alex Otti diverting attention from a quarterly… Read More
Air Peace has bagged the Institute of Chartered Accountants of Nigeria (ICAN), Achievement Award for… Read More
The Tomato Crates Dealers Association of Nigeria has issued a stern warning that the supply… Read More
Team Nigeria on Sunday evening qualified for the relay event of the 2024 Olympics Games… Read More
The Nigeria Employers’ Consultative Association (NECA), has called on the Federal Government to urgently intervene… Read More
Atiku Abubakar has again spoken against the quest by the President Bola Ahmed Tinubu administration… Read More
This website uses cookies.