Nigeria: PMI rises to new record high in May
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) jumped to a new record high in May, rising from 58.1 in April to 59.1. 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.
May’s increase was driven by record growth in output and new business. In addition, employment growth gained steam and backlogs of work rose sharply, indicating tightening capacity at firms. On the price front, input price inflation rose at the second-highest rate on record, largely due to higher costs for imported raw materials.