The Central Bank of Nigeria (CBN)-backed last month’s Purchasing Managers’ Index (PMI) data for Nigeria’s private sector pointed to a substantial improvement in business conditions. Quicker expansions in output, new orders employment and purchasing underpinned the latest improvement.
At the same time, firms were hopeful that higher investments and customer numbers would support output growth over the course of the coming year.
On the cost front, unfavourable exchange rate movements, higher prices for raw materials and rising wages led to a substantial rate of input price inflation. Subsequently, selling charges were lifted sharply
The headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50 signal an improvement in business conditions on the previous month, while readings below 50 show a deterioration
