According to Stanbic IBTC Nigeria’s Purchasing Managers Index (PMI), the private sector in Nigeria grew steadily in August as consumer demand increased and inflationary pressures decreased.
However, with the exception of manufacturing, output rose in three of the survey’s four major sectors.
S&P Global’s analysis, which was based on questionnaire responses from buying managers in a panel of about 400 private sector businesses, showed that while rates of growth in employment and purchasing activity slowed, output and new orders increased more sharply.
According to Daily Trust, PMI provides a summary of market conditions and explains whether the market is growing or shrinking.
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