The Central Bank of Nigeria has said that the economy has recorded slight expansion Month-on-Month, MoM, in October 2021 as the Manufacturing Purchasing Managers Index (PMI) rose to 47.3 index points, as against 46.6 index points recorded in the preceding month.
However, the new index point still falls below the positive benchmark of 50 index points.
However, the non-manufacturing PMI declined by 0.6 per cent to 47.5 index points in October 2021 from 47.8 index points in September.
According to the Monetary Policy Committee Communiqué 139 released by the CBN, the MPC committee noted that the improvement in the Manufacturing PMI indicated a gradual recovery of output growth, driven largely by the increase in new orders associated with rising aggregate demand and upswing in business activities.
The Communique stated: “The Non-Manufacturing PMI, however, declined to 47.5 index points in October 2021 from 47.8 index points in September 2021 as uncertainties persisted around the poor security situation.”
The Committee commended the gradual diversification of the economy with the increased contribution of the non-oil sector to Government revenues and called for more support to increase non-oil exports as a source of foreign exchange earnings into the economy.