Nigeria: PMI climbs to five-month high in April
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) edged up from 53.6 in March to 55.5 in April, hitting a five-month high. As a result, the PMI moved further above the 50-point threshold that separates expansion from contraction in business conditions, pointing to solid growth in the private sector.
Faster growth in output and new orders were largely behind April’s increase. Business activity rose at the fastest pace in 10 months while new orders accelerated sharply on the back of stronger client demand. In addition, firms continued to increase their staffing levels in April, with the rate of job creation quickening to a 10-month high. On the price front, both input cost and output charge inflation continued to climb, albeit only marginally. Lastly, business optimism improved in the surveyed month amid a positive outlook for further investment ahead.