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Nigeria PMI September 2023

Nigeria: PMI picks up in September

The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—rose to 51.1 in September from August’s 50.2. 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.

September’s increase was chiefly driven by an acceleration in new orders growth and a rebound in output. Moreover, employment rose for the fifth consecutive month, and firms continued to expand their purchasing activity. On the price front, input costs continued to rise markedly, albeit at a slower pace relative to August’s all-time record. Currency weakness and higher fuel costs remained the key drivers behind inflationary pressures. Against this backdrop, firms raised their output prices further but did so at the slowest pace since May. Lastly, business confidence was unchanged from September, thus remaining among the lowest ever recorded.

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