Nigeria Private Sector Growth Soars to 19-Month High Amid Rising Demand

Nigeria's private sector saw significant growth, reaching a 19-month high in August, driven by increased demand and easing inflation. Stanbic IBTC Bank's Purchasing Managers Index (PMI) indicated strong expansion, with new orders and output rising across sectors like services, construction, agriculture, and manufacturing.

Companies responded to higher demand by expanding staff and increasing purchasing activity. Despite a slight slowdown in job creation compared to July, firms remain optimistic about future growth.

The improved operational efficiency is evident as companies cleared backlogs for the first time in five months.