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Nigeria PMI October 2019

Nigeria: PMI ticks down from 15-month high in October

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down to 56.9 in October from 57.1 in September, which had marked the highest reading since June 2018. Despite the downtick, the PMI remained well above the 50-threshold that separates expansion from contraction in business conditions, pointing to solid growth in the private sector.

October’s slip largely reflected slightly slower growth in new orders. That said, their pace of expansion remained robust amid improved client demand, which in turn prompted firms to raise their staffing levels at a solid clip. Similarly, business activity quickened for the third consecutive month in October, increasing at the sharpest pace since September last year. On the price front, both input cost and output charge inflation rose notably in the surveyed month. Lastly, business sentiment slid marginally but remained upbeat on a positive outlook regarding expansion plans.

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