Nigeria: PMI falls to five-month low in July
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) fell from 58.4 in June to 56.0 in July, the lowest reading since February. Despite the fall, the PMI lies far above the 50-point threshold that separates expansion from contraction in business conditions, pointing to robust growth in the private sector.
Output and new orders continued to grow at a solid pace in July, although decelerating from June’s reading and driving the downturn in the index. Employment growth also eased to a six-month low. On the price front, input price inflation remained elevated in July due to higher prices for raw materials.