Again, Nigeria’s Manufacturing Index Declines in August Naira drops to N425/$ on parallel market
Obinna Chima
The Manufacturing Purchasing Manager’s Index (PMI) declined to 42.1 index points in August 2016, compared to 44.1 in the preceding month, indicating that the manufacturing sector declined
at a faster rate during the review period. The Central Bank of Nigeria (CBN) disclosed this in the PMI report for August that was released yesterday.
According to the report, of the 16 manufacturing subsectors, 15 recorded a decline in August in the following order: nonmetallic mineral products; transportation
equipment; petroleum and coal products; fabricated metal products; furniture and related products; cement; appliances and components; printing and related support activities;
paper products; computer and electronic products; food, beverages and tobacco products; primary metal; textile, apparel, leather and footwear; plastics and rubber
FG Releases Details of Supplies to IDP Camps ... Page 9
products; and chemical & pharmaceutical products. The electrical equipment sub-sector remained unchanged in the review period. Also, at 40.5 index points, the report showed that the Continued on page 8
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After Grim Economic Data, Buhari Appeals for Patience, Promises Real Change
President not practising voodoo economics, says APC, blames PDP administrations Makarfi advocates economic team to salvage the country Onyebuchi Ezigbo in Abuja and John Shiklam in Abuja with agency report Following the grim economic data released on Wednesday by the National Bureau of Statistics (NBS) confirming Nigeria’s slide into recession, rising inflation, unemployment
and plummeting foreign capital importation, President Muhammadu Buhari yesterday pleaded with Nigerians to be patient with his administration, assuring them that the pains they are currently going through would soon give Continued on page 8
Bala Usman Moves to Decongest Apapa-Oshodi Expressway Wants automotive policy reviewed to address revenue loss at seaports
Eromosele Abiodun
In a bid to improve operations at the Apapa seaports and increase revenue for the federal government, the Managing Director of the Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman, has stated that she
will at a stakeholders’ meeting today present a holistic plan to free the Apapa-Oshodi expressway of the endemic gridlock on the road. Bala Usman, who stated this during a tour of the Continued on page 8
Historic North-South Rail Transportation of Cattle, Farm Produce Launched... Page 11
ECLIPSE OF THE SUN… A SOLAR PHENOMENON WORTH VIEWING School children and adults gathered in Abuja yesterday in protective eyeglasses to view the annular eclipse of the sun. The annular eclipse of the sun occurs when the sun and moon are exactly in line, but the apparent size of the moon is smaller than the sun. Hence the sun appears as a very bright ring, or annulus, surrounding the dark disk of the moon