Modupe Gbadeyanka
By Modupe Gbadeyanka
Efforts by the Federal Government to change the Nigeria from an oil-dependent economy to agro-based seem to be yielding going by the latest report from Central Bank of Nigeria (CBN).
In its Purchasing Managers’ Index (PMI) for the month of January 2017 released yesterday, the CBN disclosed that the business activity index recorded a significant growth.
The report said this was mainly enhanced by both the agricultural and the transportation & warehousing industries.
The CBN explained that the agricultural sector of the business activity index improved by 3.2 points, while the transportation & warehousing industry gained 10.0 points.
According to the apex bank, the business activity index grew to 50.6 points in January 2017, after 12 consecutive months of decline.
It noted that seven sub-sectors recorded growth in the following order: transportation & warehousing; agriculture; educational services; electricity, gas, steam & air conditioning supply; arts, entertainment & recreation; information & communication; and professional, scientific, & technical services.
“The public administration sub-sector remained unchanged, while the remaining 10 subsectors recorded growth in the order: management of companies; construction; finance & insurance; water supply, sewage & waste management; repair, maintenance/washing of motor vehicles; real estate, rental & leasing; utilities; health care & social assistance; accommodation & food services; and wholesale/retail trade,” the report stated.
