Economic Activities Experience Decline In April


SAN FRANCISCO, May 03, (THEWILL) – The Central Bank of Nigeria (CBN) has disclosed that both the manufacturing and non-manufacturing sectors of the economy suffered decline in level of activities during the month of April.

This was seen in the Purchasing Managers Index for April, released by the CBN, with figures indicating a decline in economic activities.

“The Manufacturing PMI dropped to 43.7 per cent in April 2016, compared to 45.9 per cent in the preceding month,” the report stated.

The report also show that production levels, new orders, employment and raw materials inventory declined in the manufacturing sector, while business activities, new orders and employment declined in the non-manufacturing sector.

“Business Activity declined for the fourth consecutive month, standing at 44.2 points in April 2016, compared to 46.3 points in the preceding month.

“Fourteen out of eighteen sub-sectors recorded declines in the order: management of companies; construction; public administration; finance & insurance; real estate rental & leasing; wholesale/retail trade; utilities; accommodation & food services; repair, maintenance/washing of motor vehicles; educational services; electricity, gas, steam and air conditioning supply; professional, scientific, & technical services; information & communication and transportation & warehousing.

“The composite PMI for the non-manufacturing sector recorded decline for the fourth consecutive month. The index dropped to 44.3 per cent from the 45.4 points registered in the preceding month.

“Of the eighteen non-manufacturing sub-sectors, sixteen recorded decline in the month of April in the following order: accommodation & food services; agriculture; arts, entertainment & recreation; construction; educational services; electricity, gas, steam and air conditioning supply; finance & insurance; health care & social assistance; information & communication; management of companies; professional, scientific, & technical services; public administration; real estate rental & leasing; repair, maintenance/washing of motor vehicles and transportation & warehousing; utilities.

“The remaining two subsectors recorded growth in the review month in the order: wholesale/retail trade and water supply, sewage & waste management.

“At 42.7 per cent, the production level index for manufacturing sector declined for the fourth consecutive month, but at a faster rate than that recorded in March 2016.”