Growth in Nigeria’s private sector strengthened in August, driven by improved customer demand and easing inflationary pressures, according to the latest Stanbic IBTC Bank Purchasing Managers’ Index (PMI) report.
The headline PMI rose to 54.2 in August from 54.0 in July, marking the ninth consecutive month above the 50.0 benchmark that separates growth from contraction.
The report pointed out that the reading signaled the strongest improvement in business conditions since April, driven largely by sharper increases in new orders and output.