Nigerian private sector expands with PMI at 55.7
By the AFREEQUE newsroom, based on Leadership
Illustrative image · mk_photoz · Pexels · Licence PexelsNigeria’s private sector remained in expansion for the ninth consecutive month, with the PMI at 55.7 points in October, compared with 56.4 in September. Customer demand and new product launches supported activity, according to Stanbic IBTC Bank and its head of research, Muyiwa Oni.
Nigeria’s private sector grew for the ninth consecutive month in October, with the PMI at 55.7 points. Stanbic IBTC Bank’s barometer, from the Nigerian banking institution, nevertheless fell from 56.4 points in September, while remaining well above the threshold of 50 that signals expansion, according to Stanbic IBTC Bank and Leadership.
New orders continued to rise sharply, at a slightly slower pace than in September, while the launch of new products and improved customer demand supported activity. Output increased in all four sectors monitored and business activity rose for the 23rd consecutive month, according to Stanbic IBTC Bank’s survey.
Companies reduced their outstanding orders for the third consecutive month, at the fastest pace since January. Employment continued to increase, but at its slowest rate in three months. Rising costs for fuel, transport, construction materials, food and labour pushed selling prices up at their fastest pace in four months, according to the survey.
