The nation’s economic growth slowed in October as the Manufacturing Purchasing Managers’ Index rose slightly but remained below the 50-index point benchmark.
The Central Bank of Nigeria disclosed this in a report on the recent Monetary Policy Committee meeting.
The CBN Governor, Godwin Emefiele, said, “The committee also noted the continued improvement in the Manufacturing Purchasing Managers’ Index, which though remained below the 50-index point benchmark, rose to 47.3 index points in October 2021 from 46.6 index points in September 2021.
This improvement indicated a gradual recovery of output growth, driven largely by the increase in new orders associated with rising aggregate demand and upswing in business activities.
“The Non-Manufacturing PMI, however, declined to 47.5 index points in October 2021 from 47.8 index points in September 2021 as uncertainties persisted around the poor security situation.”
He said the committee noted the continued moderation in headline inflation (year-on-year) to 15.99 per cent in October from 16.63 per cent in the previous month, the seventh consecutive month of decline.
The decrease was attributed to a marginal decline in both the food and core components to 18.34 and 13.34 per cent respectively in October 2021 from 19.57 and 13.74 per cent in September 2021.