Nigeria: PMI plunges in October
Economic conditions weakened in Nigeria at the start of the fourth quarter. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 54.4, notably below September’s 56.3. 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.
Weaker growth in new orders and output drove October’s moderation. In addition, inflationary pressures built in the month, with input cost inflation and output prices rising. On a bright note, firms added jobs for the 18 consecutive month in October.