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Nigeria’s PMI Report Signals Economic Recovery After Long Contraction
Nigeria’s PMI Report Signals Economic Recovery After Long Contraction....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria’s Purchasing Managers’ Index (PMI) report for August 2024 has revealed a significant milestone: businesses have experienced their first expansion in 13 consecutive months. Released by the apex bank on Wednesday, this report highlights a turning point in Nigeria’s economic landscape.
The composite PMI for August 2024 registered at 50.2 index points, indicating a shift from contraction to expansion in economic activities for the first time in over a year. This marks a hopeful trend for the Nigerian economy, which has faced ongoing challenges.
Sectoral Insights
A closer look at the report’s sectoral breakdown shows promising developments across different industries:
- Services Sector: This sector recorded growth for the third consecutive month, showcasing its resilience and recovery.
- Agricultural Sector: For the first time in many months, the agricultural sector also registered expansion, signaling potential for increased productivity.
- Industrial Sector: Although this sector experienced contraction, the rate of decline has slowed compared to the previous month, offering a glimmer of hope.
Out of the 36 sub-sectors analyzed within the Industry, Services, and Agriculture sectors, 17 reported growth. Notably, the Primary Metal sub-sector exhibited the highest growth during the review month.
Key Indices and Their Implications
Several indices reflect the current state of economic activity:
- Output Index: The composite output index stood at 50.8 points, indicating growth in production levels for the second consecutive month.
- New Orders Index: At 50.5 points, this index suggests an increase in the volume of incoming orders, with 15 sub-sectors showing growth.
- Stock of Raw Materials: This index reported 51.3 points, reflecting a positive trend in raw material inventory.
However, the employment index declined to 48.7 points, suggesting a reduction in workforce numbers, which could impact future growth potential.
Additional Observations
The report also reveals that while the fabricated metal products and utilities sub-sectors remained stationary, the business activity index reached 51.3 points, indicating growth in business operations for the third consecutive month.
Among the 14 sub-sectors surveyed in the Services sector, nine reported expansions, while four faced contractions. The repair, maintenance, and washing of motor vehicles sub-sector emerged as the strongest performer, whereas professional, scientific, and technical services recorded the most significant decline.
Nigeria Customs Service (NCS) has recorded a historic breakthrough with the emergence of its first female pilot, Superintendent of Customs Nafisat Balogun, who recently earned a commercial multi-engine pilot licence in the United States.....KINDLY READ THE FULL STORY HERE▶
The achievement was celebrated by the Nigeria Customs Technical Hangar Service, marking a significant step in the agency’s drive to strengthen its aviation capacity for surveillance, logistics, and anti-smuggling operations.
At a ceremony attended by senior officers, the Managing Director of the Customs Technical Hangar Service, retired Comptroller of Customs Capt. Kuhi Mbaya, described the development as a landmark moment for the service.
He said Balogun’s transition from cabin crew to certified commercial pilot represents a major breakthrough for the Customs aviation unit and highlights the agency’s commitment to professional growth and inclusivity.
He added that the milestone reflects expanding opportunities within the Service as it continues to integrate air assets into its enforcement and border monitoring operations.
Balogun expressed gratitude for the support she received, noting that her journey required dedication and resilience, while pledging to apply her new skills in advancing the Customs mandate with professionalism and discipline.
The development has been widely described within the Service as an inspiration for greater female participation in technical and specialised roles.
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Osun 2026: APC Candidate Oyebamiji Pledges Inclusive Governance For Non-Indigenes, Interest Groups.
The All Progressives Congress (APC) governorship candidate in Osun State, Asiwaju Bola Oyebamiji (AMBO), has pledged to ensure inclusive governance by integrating non-indigenes and various interest groups if elected in the August 15, 2026 governorship election.....KINDLY READ THE FULL STORY HERE▶
He said his administration would operate a structured system that promotes participation and representation of all segments of society in governance.
The pledge was conveyed by a former lawmaker and ex-Special Adviser on Civic Engagement, Hon. Olatunbosun Oyintiloye, after he represented the candidate at an engagement with members of the Arewa community in Ibokun, Obokun Local Government Area.
Oyintiloye said the plan is aimed at strengthening the link between government and grassroots communities, ensuring public policies reflect citizens’ real needs.
He added that all groups would be actively involved in both policy formulation and implementation to drive development in the state.
Oyebamiji also promised continued engagement with farmers, traders, artisans, and non-indigene communities as key stakeholders in governance.
Responding, leaders of the Arewa community commended past inclusion efforts and pledged support for the APC candidate ahead of the election.
Barely a year after its inauguration in Akwa Ibom State, the African Democratic Congress (ADC) has been plunged into a deep factional crisis.....KINDLY READ THE FULL STORY HERE▶
Multiple factions are now locked in a struggle for control of the party, leaving members uncertain about the legitimate leadership structure.
One faction is led by John Akpanudodehe, a former National Secretary of the All Progressives Congress (APC), while another is headed by the embattled state chairman, Dick Duke.
Although the leader of a third faction could not be immediately confirmed, findings indicate that another group also exists within the party.
Sources further suggest that the Akpanudodehe-led faction is seeking to remove the current chairman through a recently held congress that has sparked controversy.
In response, Dick Duke convened a stakeholders’ meeting over the weekend, where he rejected the legitimacy of the said congress.
He said the party had formally written to the Independent National Electoral Commission (INEC) to distance itself from the exercise, citing a subsisting court order.
According to him, his tenure as state chairman is still valid until May, and any congress conducted before then would be unlawful.
Duke added that the party would only proceed with proper congresses after the expiration of his tenure and the resolution of legal issues, in line with due process.
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