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Nigeria PMI September 2019

Nigeria: PMI hits 15-month high in September

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 56.4 in August to 57.1 in September, marking the highest reading since June 2018. Thus, the PMI climbed further above the 50-threshold that separates expansion from contraction in business condition, pointing to solid growth in the private sector.

September’s increase largely reflected accelerated growth in output and new orders. Business activity rose at the sharpest pace in the year, while the pick-up in new orders was the fastest since June 2018 amid strong client demand. Despite pressure on capacity, employment rose only modestly in September and to a lesser extent than in the previous month. On the price front, input costs quickened amid higher raw material costs, leading firms to lift output charges by the greatest extent since January. Lastly, business sentiment rose to the highest level in five months, reflecting an upbeat outlook over planned investment and business expansions.

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