FINANCE - 01 JUN 2020

DB: Manufacturing PMI; Google's ‘Plus Codes’; NNPC board

DB: Manufacturing PMI; Google's ‘Plus Codes’; NNPC board
Daily Briefing via Stears



Manufacturing PMI drops to 42.4

The Manufacturing Purchasing Managers’ Index (PMI) for May dropped to 42.4 from 51.1 points in March. This is the lowest since April 2017. The index measures monthly changes in business performance, based on surveys carried out by business executives across the country. An index below 50 indicates a contraction in the economy. Of all the 14 subsectors surveyed, only the electrical equipment sector recorded a growth figure. 




Google launches ‘Plus Codes’ to identify locations without addresses

Google has launched ‘Plus Codes’ on Google Maps to help identify locations without addresses. Plus Codes are digital addresses, a combination of six numbers & alphabets with a plus sign such as PFY6+G5, created automatically through the latitude and longitude of each location. Lack of street signs in some locations in Nigeria has been a challenge for e-commerce, logistics businesses, and emergency services, which Plus Codes offers one solution to.



Buhari approves reconstitution of NNPC board

President Buhari has approved the reconstitution of the board of directors of the Nigerian National Petroleum Commission (NNPC), following the expiration of the terms of the previous six directors. The new directors represent the six geopolitical zones in Nigeria. Per the NNPC Act, the board also includes the Minister of State for Petroleum, a representative of the Minister of Finance and the GMD of NNPC, bringing the director count to nine.



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