General business conditions in Nigeria improved slightly in December, Stanbic IBTC Bank said in its Purchasing Managers’ Index report on Monday.
“At 56.4 in December, up from 55.0 in November, the latest expansion pointed to a robust overall improvement in business conditions. Moreover, the latest quarterly reading was at 55.2, the highest since the final quarter of 2019,” the report said. The report said quicker uplifts in output and new orders as well as record inventory building were central to the improvement.
According to the report, purchase cost inflation accelerated to a fresh series high, and for the fourth month running.It said a key driver of growth was the quickest rise in new orders for over two years.
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