PMI rise 51 index points in December 2024, says CBN

The Central Bank of Nigeria (CBN) has revealed that Nigeria’s Purchasing Managers’ Index (PMI) for December 2024 rose to 51.0 index points, signalling a return to expansion in economic activities after two consecutive months of contraction.
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.
What this development indicates is a gradual recovery trajectory for one of Africa’s largest economies as businesses across various sectors begin to regain momentum.
And according to the report, the industry sector, which had been in a contractionary position in November (48.9 points), improved to 50.0 index points, reflecting increased production and business activity.
During the month in review, 21 subsectors recorded growth, with the Forestry subsector leading the pack as the highest-performing category. What this highlights is the growing demand for timber and other forestry products, driven by the construction and manufacturing industries.
Another sector with an impressive performance is the agriculture sector, driven by increased investments in food production and export-oriented farming.
Similarly, trade and small-scale manufacturing activities posted gains, buoyed by improved consumer spending during the holiday season.
As for sectors that faced decline, 15 subsectors reported declines in economic activities despite the overall optimism.
During the period in review, Non-metallic Mineral Products recorded the highest contraction, a drop that has been attributed to weak demand for construction materials, particularly in regions grappling with infrastructure challenges.
The services sector also experienced a mixed performance, with hospitality and entertainment showing robust growth, while other service-oriented businesses lagged due to lingering inflationary pressures and reduced disposable income.