Nigeria’s economy has recorded a second consecutive month of growth, according to the latest Purchasing Managers’ Index (PMI) report released by the Central Bank of Nigeria (CBN). The report, which highlights improved business conditions across key sectors, has sparked optimism about the country’s economic recovery.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that the PMI, a key indicator of economic health, rose to 53.5 points in the latest survey, up from 52.3 points in the previous month. A reading above 50 indicates expansion, while a figure below 50 signals contraction. This marks the second month in a row that Nigeria’s economic activities have shown positive growth, signaling a gradual rebound from recent challenges.
According to Naija247news, the CBN attributed the growth to increased production levels, improved supply chains, and higher demand for goods and services. The report revealed that the manufacturing and non-manufacturing sectors both contributed to the expansion, with manufacturing activities rising to 54.6 points and non-manufacturing activities reaching 52.4 points.
Naija247news understands that the growth was driven by sectors such as agriculture, construction, and services, which have benefited from government interventions and improved access to credit. “The expansion in economic activities reflects the resilience of Nigerian businesses and the effectiveness of policies aimed at stimulating growth,” said Dr. Sarah Alade, a former CBN deputy governor, in an exclusive interview with Naija247news.
In addition, Naija247news reports that the CBN’s efforts to stabilize the foreign exchange market and control inflation have played a significant role in boosting business confidence. The report also noted an increase in employment levels, with many firms hiring more workers to meet rising demand.
Economic analysts have welcomed the positive trend but cautioned that sustaining the momentum will require continued reforms. “While the expansion is encouraging, the government must address structural challenges such as infrastructure deficits and energy shortages to ensure long-term growth,” said Mr. Tunde Adeleke, an economist at Lagos Business School, in a chat with Naija247news.
Meanwhile, businesses across the country have expressed optimism about the future. Mrs. Chioma Okonkwo, a small-scale manufacturer in Aba, told Naija247news, “We are seeing more orders and better access to raw materials. If this continues, it will be a turning point for many of us.”
The CBN has reiterated its commitment to supporting economic growth through targeted policies and interventions. As Nigeria’s economic activities continue to expand, stakeholders are hopeful that the country is on a path to sustained recovery.
Naija247news reports that this development comes as a relief to many Nigerians, who have faced economic hardships in recent years. With two consecutive months of growth, there is renewed hope for a brighter economic future.
