City in Nigeria

Nigeria PMI January 2024

Nigeria: PMI rises in January

The Stanbic IBTC Bank Nigeria PMI improved to 54.5 in January from 52.7 in December. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.

The private sector recovery gained momentum in January, with stronger growth recorded in both output and new orders. Moreover, supply deliveries shortened, which in turn contributed to sturdier purchasing activity. Less positively, job creation was slower than in the prior month.

Meanwhile, inflation remained high, but showed signs of easing. Lastly, companies were optimistic about future expansion, despite challenges in paying staff and increased outstanding business.

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