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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.
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“I Am Still In The Race”: Zamfara ADC Governorship Hopeful Shuts Down Exit Speculation.
Mahadi Aliyu Gusau, the African Democratic Congress (ADC) governorship candidate in Zamfara State, has officially debunked rumors suggesting he has withdrawn from the upcoming election. In a statement released Wednesday by his Press Secretary, Salisu Mohammed, the campaign labeled these reports as “false, baseless, and mischievous,” attributing them to political rivals aiming to create public confusion and undermine the democratic process. Gusau maintains that he remains the authentic candidate for the party and has neither withdrawn from the race nor authorized any individual to make such claims on his behalf. Supporters, stakeholders, and the Independent National Electoral Commission (INEC) are urged to disregard any information suggesting otherwise.....KINDLY READ THE FULL STORY HERE▶
Zamfara State’s ADC governorship candidate, Mahadi Aliyu Gusau, has firmly denied allegations that he has stepped down from the gubernatorial race. Addressing the speculation through his spokesperson, Salisu Mohammed, Gusau dismissed the claims as malicious propaganda designed by desperate political actors to mislead voters. The campaign emphasized that Gusau’s candidacy remains intact and valid. Consequently, the public and the electoral body have been advised to ignore any unauthorized reports or social media posts regarding a withdrawal.
Option 3: Narrative Style Following the spread of rumors regarding his status in the Zamfara State governorship race, ADC candidate Mahadi Aliyu Gusau has set the record straight: he is not dropping out. His press secretary, Salisu Mohammed, issued a statement on Wednesday characterizing the reports as a calculated attempt by political opponents to stir up confusion. Describing the rumors as entirely baseless, the statement confirmed that Gusau has neither pulled out of the contest nor given anyone authority to speak for him on the matter. The camp has called for the public and INEC to disregard any claims of his withdrawal.
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Renowned Activist Leads Surprise Upset In Rivers State Presidential Primary.
Sadiq Abubakar, the former All Progressives Congress (APC) National Youth Leader, has officially secured the Nigeria Democratic Congress (NDC) governorship ticket for Gombe State. Following his recent defection from the APC—a move he attributed to the economic strain caused by the ruling party’s policies—Abubakar was affirmed as the NDC candidate during the party’s primary. Expressing his gratitude, he praised the NDC for its commitment to internal democracy, noting that his victory serves as proof that the party values fairness and protects the mandates of its members. He emphasized that his transition to the NDC was motivated by a desire for a transparent political process and a continued commitment to serving the public with integrity.....KINDLY READ THE FULL STORY HERE▶
In a decisive win, former APC National Youth Leader Sadiq Abubakar has been confirmed as the Nigeria Democratic Congress (NDC) governorship candidate for Gombe State. Abubakar, who left the APC due to dissatisfaction with the party’s policies and their impact on Nigerians, celebrated the outcome of the NDC primary as a triumph for fair play. Addressing the press, he lauded the party’s leadership and delegates for upholding internal democracy. Abubakar reaffirmed his dedication to public service, stating that the NDC’s transparent approach to the primary process reinforces his belief that the party is a platform where every member is treated with equality and respect.
Option 3: Narrative Style After parting ways with the APC over concerns regarding the ruling party’s economic policies, Sadiq Abubakar has found a new path to leadership as the Gombe State governorship candidate for the Nigeria Democratic Congress (NDC). During the party’s recent primary, Abubakar was officially affirmed as the candidate, a development he hailed as a testament to the NDC’s commitment to internal democracy. He told reporters that his victory validates his decision to join the party, noting that unlike his previous experience, the NDC respects the mandates of its members. With a focus on integrity and service, Abubakar expressed his readiness to lead and thanked his supporters for their trust.
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GLOBAL TERROR NETWORK ROCKED: ISIS Second-In-Command Eliminated In Joint U.S.-Nigeria Strike!.
United States Secretary of State Marco Rubio has formally announced a significant escalation in counterterrorism cooperation between Washington and Abuja, detailing a recent high-impact joint operation that resulted in the elimination of a top global ISIS leader within Nigeria.....KINDLY READ THE FULL STORY HERE▶
Rubio made these statements during a hearing before the House Foreign Affairs Committee regarding the State Department’s FY27 budget request, which was held on Wednesday in Washington, DC.
The U.S. official emphasized that the United States remains deeply concerned about the rising tide of violence in Nigeria, specifically highlighting attacks against Christians. He stated that this concern has translated into a new phase of active counterterrorism partnership with Nigerian authorities.
“We are now actively in counterterrorism cooperation with the Nigerian government and Nigerian security forces, including a joint operation a couple of weeks ago that took out the number two leader of global ISIS operating from inside of the country, and that continues,” Rubio informed the committee.
The operation, which was a coordinated U.S.-Nigerian assault on May 15, targeted the compound of Abu-Bilal Al-Minuki, identified as the second-in-command of global ISIS operations. The high-value target’s stronghold was located in the volatile Lake Chad Basin region.
Adding crucial context, U.S. Secretary of Defence Pete Hegseth further confirmed that Al-Minuki was the primary figure responsible for directing and executing multiple attacks on Christian communities across Nigeria.
President Bola Tinubu of Nigeria had previously confirmed the death of Al-Minuki, noting that several of his top lieutenants were also neutralized in the precise mission. Tinubu expressed his strong desire for continued, decisive military strikes against all terrorist enclaves within the country.
Since the successful elimination of Al-Minuki, subsequent reports indicate that more joint U.S.-Nigerian operations have targeted and destroyed terrorist positions. Just days after the initial operation, Nigeria’s Defence Headquarters announced that a series of joint airstrikes in Metele, Borno State, had killed more than 20 ISIS/ISWAP fighters. Furthermore, on June 1, a separate airstrike in Arege, Kukawa Local Government Area of Borno State, conducted by the Nigerian military in collaboration with the United States Africa Command, resulted in the death of an additional 21 ISWAP insurgents.
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