In a bid to enhance transparency and provide stakeholders with critical economic insights, the Central Bank of Nigeria (CBN) has announced the reintroduction of several key economic reports. This move, detailed in a statement released on Tuesday and signed by Sidi Ali Hakama, the CBN’s Acting Director of Corporate Communications, is part of the bank’s broader efforts to promote informed decision-making and support economic growth in Nigeria.
The reintroduced reports include the Purchasing Managers’ Index (PMI), Business Expectations Survey (BES), Inflation Expectation Report, and other vital macroeconomic indicators. These reports are designed to offer timely and accurate data on Nigeria’s economic performance, providing valuable information to the public, policymakers, and the business community.
“The reintroduction of these reports is part of the ongoing data enhancement initiative within the CBN, aimed at ensuring that essential economic indicators are readily accessible,” the CBN stated. “The PMI, which evaluates the health of the manufacturing, services, and agricultural sectors, along with the business and household expectations reports, are crucial tools for understanding Nigeria’s economic climate.”
The Purchasing Managers’ Index (PMI) is a particularly important indicator, offering insights into the performance of key sectors such as manufacturing, services, and agriculture. Meanwhile, the Business Expectations Survey (BES) and the Inflation Expectation Report provide critical data on the sentiments of businesses and households, helping to gauge future economic trends.
Experts in the sector say by reintroducing these reports, the CBN will be fostering a more transparent economic environment, where data-driven decisions can be made to steer the Nigerian economy towards sustained growth as the initiative reflects the bank’s commitment to improving economic governance and ensuring that stakeholders are well-informed about the country’s economic trajectory.
