Improving Business Condition Pushes Nigeria’s PMI Up

Nigeria’s Purchasing Managers Index rose to 54.1 in October from 52.3 in September, according to a report by Stanbic IBTC Bank.

The company said the growth indicated a 16th successive monthly expansion, and also signalled a solid improvement in business conditions in Nigeria’s private sector with output, new orders and buying activity rising sharply. “Consequently, firms raised their output levels at a marked and accelerated pace. Sector data indicated that all four sub-sectors saw faster increases in output. Manufacturers registered the steepest expansion, followed by wholesale and retail, services and agriculture, respectively,” it said.

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