CBN: Service industry expanded, industrial sector contracted in September

The Central Bank of Nigeria says the industry sector contracted in September, while the agriculture and service sectors expanded.he composite PMI — which is the combination of the sectors’ performance — for September 2024 stood at 50.5 index points, indicating expansion in economic activities for the second consecutive month, compared to 50.2 points in August.

According to the apex bank, an index above 50.0 points indicates an expansion in business activities, while below 50.0 points indicates a contraction in business activities.CBN said the industry sector contracted, closing September with 49.7 points, the figure represents an improvement compared to the level in August.

“Among the 17 subsectors surveyed, four recorded contractions, three remained unchanged, while the remaining 10 indicated expansion. The subsector with the highest contraction was Paper Product, whereas Cement recorded the highest expansion.

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