There’ll Be More Employment In The Services Sector – CBN

The Central Bank of Nigeria has projected that the services sector of the country’s economy will record higher employment expansion plans In August.

The projection was contained in the July 2019 business expectations survey report by the statistics department of financial institution.

According to the employment outlook index by sector, the services sector is projected to record higher employment in august, with an index of 27.0 points followed by wholesale/retail trade (21.0 points), industrial sector (20.6 points) and construction sector (5.9 points).

The service sector is made up of soft parts of the economy involving activities where people offer their knowledge and time to improve productivity, sustainability and potential. 

The projection indicates July’s volume of business activities at 64.3 points and employment at 23.7 points will steer the favourable business outlook in August.

The analysis of businesses with expansion plans in August also show that the services sector will record higher readiness to expansion with a 32.4 index points

The July 2019 Business Expectations Survey (BES) was conducted from July 08- 12, 2019 with a sample size of 1050 businesses nationwide and a response rate of 97.4 per cent across the services, industrial, wholesale/retail trade, and construction sectors

The macro economy, according to the business outlook however shows a greater confidence In the month of August.