CBN targets greater expansion in economic activities

CBN targets greater expansion in economic activities

 By Udeme Clement

 The Central Bank of Nigeria, CBN, is targeting greater expansion in economic activities in the country for seventeenth consecutive months, in a bid to enhance sustainable growth.

 The Apex Bank disclosed this in the Purchasing Managers  Index, PMI, report released for July, 2018 fiscal year,  posted by the Monetary Authority.

The PMI report shows that 28 out of 30 sub-sectors staying afloat in manufacturing and non-manufacturing sectors of the economy recorded growth in the month under review.

Accordingly, the PMI assessment report reveals that the manufacturing Purchasing Managers Index for the month of July stood at 56.8 index points. The 56.8 index points show indication of expansion in the manufacturing sector. for sixteenth consecutive months.

Also, 13 out of 14 sub-sectors on the survey recorded positive growth in the month under review. These include petroleum/coal products; printing/related support activities; paper products; electrical equipment; primary metal; furniture/ related  products; non-metallic mineral products; transportation equipment; textile, apparel, leather/ footwear; chemical/pharmaceutical products; food, beverage/tobacco products; cement; and fabricated metal products.

However, the survey report shows that Plastics/Rubber products sub-sectors declined in the period under review.

On the whole, the composite Purchasing Managers Index for non-manufacturing sector stood at 57.7 points in the same month, which indicates expansion in Non-manufacturing PMI for fifteenth consecutive months.