Nigeria’s manufacturing Purchasing Managers’ Index (PMI) rose to 51.1 in June, surpassing the 50-index point benchmark. This represents a 2.2-point increase compared to the 48.9 points recorded in the previous month.
This is contained in the Central Bank of Nigeria communique of the Monetary Policy Committee meeting held on Tuesday, 19th July 2022.
According to the apex bank. the improvement in the PMI reflects the continued rebound in economic activities due to improvements in supplier delivery time; raw materials inventory; employment levels, and expansion in some sectors such as agriculture, accommodation, and electricity, amongst others.
In the same vein, the non-manufacturing PMI rose past the 50 points index benchmark to reach 50.2 index points in the review month from 49.9 points recorded in the month of May.
A PMI of above 50 points is likely to allay fears of a likely recession as Nigerians deal with high inflation and scarcity of forex to meet the importation of raw material inputs.
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