Nigeria: PMI rises to six-month high in December
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 52.7 in December, up from November’s 48.0. December’s result marked the strongest reading since June. As such, the index rose above the 50.0 no-change threshold, signaling an improvement in sector operating conditions from the previous month.
December’s notable improvement was driven by rebounds in new orders and output, supported by recovering client demand. Against this backdrop, firms increased their purchasing activity and their headcounts. Moreover, vendor performance improved for the tenth consecutive month.
On the price front, input cost inflation softened, but remained historically elevated, while output charge inflation rose. Lastly, business sentiment fell to the joint-lowest since the series began in 2014..