A recent report highlights mixed economic performance across Nigeria’s three key sectors—Industry, Services, and Agriculture.
Industry improved, moving from stagnation in December 2024 to growth in January 2025.
Agriculture continued its expansion for the sixth month in a row.
Services, however, saw a decline in economic activity.
Key indicators showed overall economic expansion, with composite output, new orders, and employment levels all growing slightly above 50 points. However, supply chain issues persisted, with raw material stock declining and delivery times slowing.
Challenges Facing Businesses
Around 75% of Nigerian businesses identified high interest rates as their biggest challenge in January 2025, according to the Central Bank of Nigeria (CBN). Despite this, the Mining and Quarrying sector recorded the highest capacity utilization at 60.3%, with the economy’s overall utilization at 56.8%.
CBN’s Monetary Policy Updates
The CBN has announced its 299th Monetary Policy Committee (MPC) meeting, now scheduled for February 18–19, 2025. In a bid to reach a wider audience, the bank made the announcement in four indigenous languages—Yoruba, Hausa, Igbo, and Pidgin.
Meanwhile, the Purchasing Managers’ Index (PMI) for January 2025 stood at 50.2 points, indicating continued economic expansion for the second consecutive month.
As Nigeria navigates economic recovery, all eyes will be on the upcoming MPC meeting, which will influence interest rates, inflation control, and macroeconomic stability.
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