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CBN says business soars in April 2017, as agriculture tops subsector growth

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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