Nigeria: PMI rises in September
Economic conditions firmed in Nigeria in September. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 56.3, slightly above August’s 56.1. 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.
Solid inflows of new orders and rising output growth drove September’s uptick. Despite rising new orders, job creation was soft, with employment growth falling to a 15-month low. On the price front, input price inflation fell to a one-year low.