Economic activities contracted in November as the Purchasing Managers’ Index fell below 50.0, according to reports obtained from the Central Bank of Nigeria.
“Also, the economic recovery is still fragile, as it is projected to moderate to 3.2 per cent in 2022, partly driven by the continued oil sector contraction, thereby widening the fiscal deficit amid the rising cost of borrowing.”
Although inflation on a month-on-month basis had been declining, he said an indication of the impact of the bank’s aggressive increase in interest rates, on a year-on-year basis, it had continued to rise persistently. Food inflation increased by 23.72 per cent in October from 23.34 per cent in September 2022, he said.
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