The manufacturing and non-manufacturing Purchasing Manager’s Indices for November 2021 remained below the 50 index points at 47.3 and 47.5 index points.
PMI readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show a deterioration.
The Deputy Governor, Financial Systems Stability Directorate, CBN, Aishah Ahmad, who is also a member of the Monetary Policy Committee, said this in her personal statement at the last MPC meeting which was released by the CBN.
She noted that data recently released by the National Bureau of Statistics showed that domestic real GDP grew by 4.03 per cent year-on-year in the third quarter of 2021 compared with 5.01 and -3.62 per cent in Q2 2021 and Q3 2020, respectively
She noted that this marked the fourth consecutive positive output growth following the exit from recession in Q4 2020, adding that real GDP grew by 11.07 per cent in Q3 2021, compared with -0.79 per cent in the preceding quarter.
Ahmad said, “The improvement in real GDP was driven mainly by growth in the non-oil sector by 5.44 per cent, reflecting the importance of ongoing CBN interventions and fiscal stimulus measures alongside efforts to further diversify the economic base and strengthen growth enhancing sectors.