Nigerian Economy Sees Manufacturing and Services Sectors Leading Business Expansion in November

The Nigerian economy's manufacturing and services sectors have shown significant growth in November, leading other sectors in business expansion, as per Stanbic IBTC Bank's Purchasing Managers Index (PMI) report. The PMI figure of 53.6 signals a solid strengthening of the private sector, with output increasing across agriculture, manufacturing, services, and wholesale/retail sectors.

The report highlights expectations of continued growth in 2025, driven by factors like lower interest rates, stable exchange rates, and increased business investments. The positive trends in new orders and output reflect a promising outlook for Nigeria's economic growth.