Nigeria: PMI records best result since December 2014 in October
November 3, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) gained ground in October rising to the highest level since December 2014. The PMI came in at 55.8, above September’s 54.9. The indicator lies comfortably above the 50-point threshold that separates expansion from contraction in business conditions.
Sharp growth in output and new orders drove October’s healthy reading. Demand from abroad was particularly strong and backlogs of work rose in the month. Firms also took on more staff. On the price front, input price inflation sharpened slightly, however, output charge inflation eased.