29 April 2019 : The Central Bank of Nigeria (CBN) published its Purchasing Managers’ Index (PMI) report for April, indicating that the economy grew at a faster pace at the start of Q2. In April, Manufacturing PMI rose from 57.4 to 57.7 and non-Manufacturing PMI grew from 58.5 to 58.7. Within the manufacturing sector, 12 of the 14 sub-sectors surveyed reported m/m growth, with declines recorded in the paper products and primary metal subsectors only. Once again, employment levels in both the manufacturing and non-manufacturing indices expanded in April, printing at 57.0 and 58.7 respectively, marking the twenty-fourth consecutive month of growth; however, the pace of growth contracted when compared to March. Whilst the economy has shown signs of steady growth in recent months, with inflation continuing to moderate m/m, analysts remain cautious about the level of growth likely to be seen in the economy in the second quarter in the absence of significant fiscal stimulus.
Reporting for EasyKobo on Monday , 29 April 2019 in Lagos, Nigeria
Source: Vetiva Capital Management Limited