Job losses increase at paper manufacturers as energy costs soar – The Whistler Newspaper

The Purchasing Managers' Index (PMI) shows that the industrial sector of the economy continued its decline at 49.7 points in September due to high energy costs, exchange rate issues and Naira volatility.

This has led to a decline in employment levels, with the paper products sub-sector being more severely affected.

However, the report released by the Central Bank of Nigeria (CBN) showed that the composite PMI rose to 50.5 points.

An index above 50.0 points indicates an expansion of business activities, while an index below 50.0 points indicates a decline in business activities.

The sectoral breakdown of the report shows that the services sector registered a growth of 51 points while the agriculture sector recorded growth for the second consecutive month.

“Although the industrial sector contracted, it registered a slower decline compared to August 2024 levels,” the report said.

A further breakdown shows that out of the 36 sub-sectors surveyed across the industrial, services and agriculture sectors, 23 sub-sectors recorded growth in economic activities with cement recording the highest growth in September.

However, ten subsectors recorded a decline in economic activity, with transportation and warehousing recording the largest decline.

According to the report, the composite employment index fell by 49.1 index points in September, indicating a decline in employment levels.

The report found that sixteen sub-sectors reported a decline in employment levels, with the paper products sub-sector recording the largest decline in the month under review.

The transportation equipment and water supply, sewerage and waste management subsectors remained unchanged, while the remaining 18 subsectors reported increased employment levels, with the forestry subsector having the highest employment index, according to the PMI.