Nigeria’s industrial sector contracts for the ninth consecutive month in September- CBN report

Oct. 6, 2024 - Nairametrics

Activities in Nigeria’s industrial sector contracted again in September- marking the ninth consecutive decline in 2024 with PMI at 49.7.

The sectoral breakdown of the September PMI reveals that the Services Sector expanded for the fourth consecutive month, while the Agricultural Sector saw its second consecutive month of growth. Nigeria’s industrial sector has been in contraction since January 2024 but in recent months, there has been an uptick in activities in the sector.

The report noted that 10 of the 17 subsectors under the industrial sector recorded expansion during the month while three remain unchanged and four recorded contraction. Employment in the industrial sectorIn September 2024, the Industry Sector Employment index was recorded at 48.

2 points, signaling a slower contraction in employment levels...