CBN reintroduces key economic reports to enhance transparency

The Central Bank of Nigeria (CBN) on Tuesday announced the reintroduction of some crucial economic reports as part of its ongoing data enhancement initiative.

According to a statement by its Acting Director of Corporate Communications, Sidi Hakama, the move underscores the bank’s commitment to improving transparency and accountability in Nigeria’s economic management.

The reintroduced reports include the Purchasing Managers’ Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other significant macroeconomic indicators.

These reports are designed to offer timely and accurate insights into the country’s economic performance, providing valuable information for stakeholders including policymakers, businesses, and the general public.

The PMI will offer a snapshot of the manufacturing, services, and agricultural sectors, while the BES and Inflation Expectation Report will shed light on business and household expectations.

“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. These reports offer valuable insights into the perceptions and outlooks within the business and household sectors, respectively. This initiative is part of the Bank’s broader efforts to enhance transparency, promote informed decision-making, and support economic growth,” it read.

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The CBN said it aims to make these reports accessible periodically on its website (www.cbn.gov.ng), ensuring that it is accessible by all.

The bank said it 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.