By Abiodun JIMOH
Nigeria’s private sector gained further momentum in August as customer demand improved and inflationary pressures eased, according to the latest Stanbic IBTC Bank Purchasing Managers’ Index™ (PMI®). The headline PMI rose to 54.2 in August from 54.0 in July, signalling a sustained improvement in business conditions and the sharpest growth since April.
The surge was driven by a 19-month high in new orders (58.3 points vs 57.3 in July) and a four-month high in output (56.8 vs 56.1). Businesses attributed the upturn to stronger customer demand and increased willingness to commit to new projects. “Business activity has remained above 50 points for nine consecutive months, supported by output and new orders,” noted Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank.
Employment levels rose for the third straight month, though at a slower pace, while purchasing activity also eased. Notably, inflationary pressures softened, with input costs at their lowest since March 2023 and output
