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Nigeria PMI May 2023

Nigeria: PMI increases again in May

The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.0 in May, up from April’s 53.8. May’s result marked the strongest reading since December 2022. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in sector operating conditions compared to the previous month.

May’s print reflected that the economy continued to recover from the cash crisis that had dented activity in recent months. Greater cash availability led to a marked increase in new orders. As a result, firms scaled up their production and increased their purchasing activity. Moreover, employment rose for the first time in four months, albeit at a marginal rate. On the price front, input cost inflation eased but remained elevated on higher prices for agricultural inputs and industrial raw materials. Consequently, output charges rose but at the softest rate in over three years as some firms provided discounts to bolster demand. Lastly, business sentiment deteriorated, coming in at the second lowest level on record.

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