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Nigeria’s PMI Report Signals Economic Recovery After Long Contraction

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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.

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‘VERDICT OF THE HIGHEST COURT’: Supreme Court Settles Oyebanji’s APC Candidacy Once And For All!

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The Supreme Court has dismissed an appeal filed by APC aspirant Mrs. Abimbola Olawumi, thereby affirming Ekiti State Governor Biodun Oyebanji as the party’s validly nominated candidate for the June 20 governorship election. In a unanimous decision, a five-member panel led by Justice Mohammed Idris struck out the appellant’s applications, citing multiple procedural failings, including an unsigned written address, excessive pagination, and incompetent grounds of appeal that did not stem from the lower court’s judgment.....KINDLY READ THE FULL STORY HERE▶

The apex court’s ruling effectively brings a final end to the long-standing legal dispute over Governor Oyebanji’s nomination, which began when Olawumi alleged unlawful exclusion from the primary and sought to nullify his candidacy. The Supreme Court upheld the previous decision of the Court of Appeal, agreeing that the suit was statute-barred and that the constitutional time limit for hearing pre-election matters had lapsed. With this final legal hurdle cleared, Governor Oyebanji’s position is secure, following his subsequent victory in the 2026 Ekiti State governorship election, where he polled 319,224 votes.

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‘NO FOREIGN FORCE CAN REMOVE TINUBU’: Matawalle Fires Brutal Warning At Atiku!.

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  • Warning to the Opposition: Minister of State for Defence Bello Matawalle warned opposition figures against making statements that could incite the public against the government, stressing that national interest should come before partisan politics.....KINDLY READ THE FULL STORY HERE▶

    • Criticism of Atiku Abubakar: Matawalle slammed the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, for hiring a foreign lobbying firm to circulate decades-old documents about President Tinubu in the United States.

    • Call for Patriotism and Unity: The minister urged opposition leaders to redirect their energy toward supporting national security, unity, and citizen welfare rather than running campaigns that discredit Nigeria abroad.

    • Defense of National Sovereignty: Emphasizing that the presidency is a sacred symbol of sovereignty, Matawalle stated that no foreign government or lobbying firm can overturn the mandate freely given to President Bola Ahmed Tinubu.

    • International Confidence and Call for Alternatives: Highlighting recent commendations from U.S. President Donald Trump regarding security cooperation, Matawalle urged politicians to engage constructively by offering credible policy alternatives instead of spreading divisive narratives.

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THE ULTIMATE EXPOSE: Kwankwaso Claims Defecting Governors Run To APC Because They Expect The Presidency To Write Election Results!.

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  • Allegations Against Defectors: Rabiu Kwankwaso, the Nigerian Democratic Congress (NDC) Vice Presidential candidate, claimed that governors joining the ruling All Progressives Congress (APC) do so because they expect the presidency to manipulate and write the 2027 election results for them.....KINDLY READ THE FULL STORY HERE▶

    • Disregard for Voters: During an interview on Central TV’s 60 Minutes with Mr Kay, the former Kano State governor stated that Nigerian politicians are no longer concerned about winning over actual voters, relying instead on the belief that security agencies and INEC are on their side.

    • Desperation Among Politicians: Kwankwaso noted that political desperation has reached a point where many governors are willing to do anything.

    • Claims on Security Votes: Addressing corruption and national security, Kwankwaso asserted that his hands are clean, stating that throughout his eight years as governor of Kano State, he never misappropriated or collected a single naira from security votes.

    • Promise of Good Governance: Looking ahead, Kwankwaso stated that an NDC administration would establish a functional system to help the country, expressing his belief that Nigerians are good people who consistently deserve effective leadership.

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