In September 2024, Nigeria’s factories and businesses didn’t do as well as before. This is the ninth month in a row they have slowed down, with a PMI score of 49.7.
The Central Bank of Nigeria (CBN) shared these details. They use something called the Purchasing Managers’ Index (PMI) to measure how busy businesses are. If the PMI is above 50, it means business is growing. In September, Nigeria’s score was 50.7 for all businesses, meaning some are doing better.
Let’s break it down: Service jobs, like banks and shops, got busier for four months straight. Farming did better for two months too.
Factories and industries were still having a tough time, but not as much as they did in August 2024.
Since the start of 2024, factories have been slowing down. But the good news is they’re starting to pick up a little now.
The report showed that out of 17 types of factory work, 10 did better, 3 stayed the same, and 4 slowed down.
The report says, “In September 2024, factory work had a PMI of 49.7 points. Though it’s a slowdown, it’s better than last month.”
“For jobs like Mining, Electricity, Gas, and Water, they did well. But making things in factories didn’t do so well.”
“Out of the 17 factory jobs checked, 4 had a rough time, 3 stayed the same, and 10 got better. Making paper slowed down the most, but making cement was much busier.”
The CBN also said output and raw materials were growing, with scores of 50.7 and 51.7. But fewer new orders and jobs were not so great, with scores of 49.9 and 48.2. Deliveries were also slower in September 2024, scoring 48.4.
Jobs in the Factory Sector
In September 2024, the job situation in factories was still not the best, with a score of 48.2. This means jobs were getting fewer, but it wasn’t as bad as before. Since March 2024, jobs were slowing down but have gotten a little better from a very low point of 45.
Eight types of factory jobs had fewer workers, seven got more people, while Transportation Equipment and Water Supply jobs kept the same number of workers.
The job report agrees with another report from the National Bureau of Statistics, saying more people were without jobs, with unemployment rising to 5.3% early in the year.