The Central Bank of Nigeria (CBN) said the Purchasing Managers’ Index (PMI) reading stood at 49.7 points in July, indicating a contraction
The Central Bank of Nigeria said the Purchasing Managers’ Index reading stood at 49.7 points in July, indicating a contraction in economic activities for the 13th consecutive month. This position is contained in the July PMI report released by the apex bank yesterday. The CBN, however, said the index shows improvement compared to…
The index, which measures the performance of business activities, is based on the change in different aspects of respondents’ business activities. An index above 50 points indicates an expansion in business activities while below points to a contraction in business activities. Eighteen sectors out of the 25 reported a contraction in employment levels with printing activities recording the highest decline while the petroleum and coal subsectors had the highest employment levels.
• Country to become third largest mobile market A yearly investment of about $1 billion is required by Nigeria’s telecommunications sector to improve service offerings.This was revealed at the Financial Derivatives Company’s forum, tagged, ‘Telecoms Industry 2.0: The Next Investment Frontier in Nigeria’. A document, which gave insight into the sector’s journey since the…
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