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Nigeria PMI May 2024

Nigeria: PMI increases in May on solid rise in new orders

The Stanbic IBTC Bank Nigeria PMI rose to 52.1 in May from 51.1 in April. As a result, the index moved further above the 50.0 no-change threshold and signaled a faster improvement in private-sector operating conditions compared to the previous month.

May’s upturn was primarily driven by the largest expansion in business activity since January and a solid rise in new orders. This growth was attributed to improving customer demand amid signs of easing inflationary pressures. Efforts to expand purchasing activity in response to positive future workload expectations also led to a quicker accumulation of inventories, despite challenges in securing additional inputs due to high raw material prices. Meanwhile, employment levels were broadly unchanged.

On the price front, both input cost and output charge inflation eased to one-year lows, but they remained elevated due to sustained currency weakness. Lastly, business sentiment deteriorated, falling to its lowest point since February.

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