Nigeria’s Purchasing Managers’ Index (PMI) for December 2024 rose to 51.0 index points, signaling a return to expansion in economic activities after two consecutive months of contraction.
This development demonstrates a gradual recovery trajectory for one of Africa’s largest economies as businesses across various sectors begin to regain momentum.
The Central Bank of Nigeria (CBN) released the data as part of its monthly Purchasing Managers’ Index (PMI) report for December 2024, revealing positive trends across key sectors.
“The composite PMI for December 2024 at 51.0 index point, indicated expansion in economic activities after two consecutive months of contraction,” CBN said.
According to the report, the industry sector, which had been in a contractionary position in November, improved to 50.0 index points, reflecting increased production and business activity.
Sectors Driving Growth
According to the report, 21 subsectors recorded growth during the review month, with the…
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