The Central Bank of Nigeria (CBN) has said that
businesses activities soared in the month of April 2017, just as agriculture
topped the subsector growth, ITRealms
exclusively reports.
The apex
bank in its monthly survey by the management division of Statistics department,
also known as the Purchasing
Managers Index (PMI) revealed to ITRealms
that business activity index rose to 53.3 points in April from its level of
49.8 points in March this year.
ITRealms gathered that under business
activities, there were 12 sub-sectors which recorded growth in the following
order: agriculture; utilities; transportation & warehousing; educational
services; finance & insurance; water supply, sewage & waste management;
public administration; electricity, gas, steam & air conditioning supply;
real estate.
Also, ITRealms reports that the growth
continued with rental & leasing; information & communication; health
care & social assistance and repair, maintenance/washing of motor vehicles.
The professional, scientific, & technical services subsector remained
unchanged, while the remaining five sub-sectors recorded growth in the order: management
of companies; arts, entertainment & recreation; construction; wholesale
trade and accommodation & food services.
Equally, ITRealms reports that the production
level index for manufacturing sector expanded for the second consecutive month
in April 2017.
“The index
at 58.5 points indicated an increase in production at a faster rate when compared
to the 50.8 points in the previous month,” the survey revealed.
Whereas the
13 manufacturing sub-sectors recorded increase in production level led by chemical
& pharmaceutical products.
ITRealms further recalls that the
Statistics Department of CBN conducts a monthly survey of purchasing and supply
executives of manufacturing and non-manufacturing organizations in 13 locations
in Nigeria: two states in each of the six geo-political zones, and the Federal
Capital Territory (FCT).
The survey
results, ITRealms reports were used
to compute the monthly Purchasing Managers’ Index (PMI) and were conducted on April
18th to 24th, 2017 with a total of 1,743 responses received from a sample of
1,950 respondents, representing a response rate of 89.4 per cent.
Chuks Egbune/GEE
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