THE Central Bank of Nigeria (CBN) has reintroduced the periodic publication of several economic reports to aid informed decision-making and business intelligence for economic managers.
It made this known in a statement on Tuesday, August 13 signed by its acting director of Corporate Communications, Sidi Ali.
The reports include the Purchasing Managers’ Index (PMI), Business Expectations Survey (BES), Inflation Expectation Report, and other macroeconomic indicators.
“The reintroduction of these reports, part of the ongoing data enhancement initiative within the CBN, aims to ensure that the public, policymakers, and the business community have access to essential economic indicators.
“These reports offer valuable insights into the perceptions and outlooks within the business and household sectors. This initiative is part of the Bank’s broader efforts to enhance transparency, promote informed decision-making, and support economic growth,” the apex bank said.
It said the reports would periodically be released on the CBN’s official website, and would be accessible to the public, policymakers, and the business community.
It added that it would be available for economists, analysts, investors, media, and the general public to use and gain a more comprehensive understanding of Nigeria’s economic dynamics to foster a more inclusive economic discourse.
The ICIR can report Nigeria lacks enough data to provide insights into various sectors of its economy.
For instance, the PMI which evaluates the health of the manufacturing, services, and agricultural sectors, along with the business and household expectations reports, are essential for understanding the country’s economic climate.
The CBN had in December 2020 stopped the monthly publication of the BES report and for over a decade, the Stanbic IBTC Bank has been releasing a monthly PMI to reflect the performance of the Nigerian economy.
Its latest report for July shows that business activity has contracted for the first time in eight months, the ICIR reported.
The report indicated that the Nigerian private sector moved back into contraction territory as steep price pressures hit demand and resulted in renewed reductions in both business activity and new orders as input costs and selling prices continued to rise rapidly and business confidence hit a new record low.
In July, business activities recorded a headline PMI of 49.2, down from 50.1 in June and below the 50.0 no-change mark for the first time in eight months.
A PMI reading of above 50.0 points signals expansion in business conditions while below 50.0 reflects a contraction.