Financial experts at the FSDH Research have called on the economic managers of the country to take a cursory look at the two months consecutive decline in the Purchasing Managers Index for January and February which indicates raising uncertainties so as to nip the issues in the bud.
The Head of Research, FSDH, Mr. Ayodele Akinwunmi, disclosed this at the Monthly Economic and Financial Markets Outlook titled: “Growth Prospect with Rising Uncertainties”.
The PMI has decelerated for two consecutive months as contained in the latest PMI report of the Central Bank of Nigeria (CBN) published for the month of February 2018.
The Composite Manufacturing Index (CMI) dropped from 59.3 in December 2017 to 57.3 in January 2018 and to 56.3 in February 2018, “Although the PMI figures are above 50 points, the slowdown may reflect the rising uncertainties in the country,” they added.
Akinwunmi said, “Some businesses have expressed concern over the rising social unrest in some parts of the country and delays in fiscal and monetary policies announcement. FSDH Research notes that policy makers and economic managers in the country need to pay urgent attention to the declining trend in the PMI in order to nip it in the bud.”
