Nigeria’s PMI hits 18-month high in July — Report - Punch Newspapers

Nigeria’s Purchasing Managers Index rose to 55.4 in July from 53.6 in June, according to a report by Stanbic IBTC Bank.

According to the report, Nigeria’s private sector began the second half of the year on a positive footing as it continued the run of expansion that began in July 2020.“On the price front, higher raw material, wage and transportation prices were linked to another robust rate of overall input price inflation. Output prices also rose sharply,” the report said.

It said, “Greater output requirements led firms to raise their buying activity during the month, which they did so at the sharpest rate in one-and-a-half years. The sustained period of output and new order growth encouraged firms to add to their inventory holdings. Anticipation of greater demand was also linked to stockpiling efforts.“To cater for higher workloads, firms raised their headcounts. Job creation has now been seen in each month since February.

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