Nigerian Private Sector PMI Hits 54.2 Points in August, Signaling Growth

The Nigerian private sector recorded a PMI of 54.2 points in August, indicating sustained growth driven by increased customer demand and softer inflationary pressure. The Stanbic IBTC Bank Purchasing Managers Index report highlighted the ninth consecutive month of improvement.

Output and new orders saw significant expansion, with firms reporting stronger customer demand and willingness to undertake new projects. While output increased across most sectors, job creation softened slightly.

The report emphasized the positive impact on business conditions since April, with the private sector showing resilience and growth. This sustained improvement signifies a strengthening economy and business environment in Nigeria.