The Central Bank of Nigeria has announced the return of periodic updates on important economic indicators as part of its attempts to increase openness in the country’s economic policy.
This was disclosed in a circular signed by director of corporate communications of the apex bank, Sidi Ali Hakama, on Tuesday.
CBN stated that the report will feature the Purchasing Managers’ Index (PMI), Business Expectations Survey (BES), Inflation Expectations Report, and other macroeconomic indicators that will provide stakeholders with timely and accurate information about the country’s economic performance.
According to the circular, the apex bank stated that the reports will be released on a regular basis on its website, making them freely accessible to the public.
The circular reads: “The Central Bank of Nigeria (CBN) has reintroduced the publication of several key economic reports, reaffirming its commitment to fostering transparency and accountability in the Nigerian economy.
“These reports, including the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other macroeconomic indicators, will provide stakeholders with timely and accurate insights into the country’s economic performance.
“The reintroduction of these reports, part of the ongoing data enhancement initiative within the CBN, aims to ensure that the public, policymakers, and the business community have access to essential economic indicators.
“The PMI, which assesses 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.”
Hakama noted that this program is part of the CBN’s efforts to increase transparency and engage all stakeholders in the country’s economic trajectory.
She also urged investors, the media, and the general people to use these reports to obtain a better knowledge of Nigeria’s economic dynamics.
“This initiative is part of the Bank’s broader efforts to enhance transparency, promote informed decision-making, and support economic growth. The reports will be periodically released on the Bank’s website (www.cbn.gov.ng), ensuring that they are easily accessible to all.
“The CBN encourages economists, analysts, investors, media, and the general public to use these reports to gain a more comprehensive understanding of Nigeria’s economic dynamics, thereby fostering a more inclusive economic discourse,” she expounded.
Following the worldwide economic shock caused by the Covid-19 epidemic in 2020, the CBN halted publication of statistics on inflation expectations and other economic indicators in the country.
CBN under the leadership of former governor, Godwin Emefiele, discontinued the publication of the monthly Purchasing Managers’ Index (PMI) Survey Report, among other things.
