Nigeria’s economy gains momentum: April PMI report reveals

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

Stanbic IBTC Bank’s Purchasing Managers’ Index (PMI) survey for April reveals a further improvement in business conditions, driven by strengthened customer demand and growth output. The headline PMI posted 54.2, above the 50.0 no-change mark for the fifth consecutive month, indicating a solid monthly improvement in business conditions.

For further information, read more details here

According to the survey, firms increased their purchasing activity and hired extra staff, but capacity expansion was insufficient to prevent a buildup of backlog work. Inflationary pressures ticked up from March but remained muted relative to 2024

“Output increased at a sharp and accelerated pace in April, with the rate of expansion the most pronounced since January 2024,” the survey noted. “All four broad sectors saw business activity rise, with the sharpest growth in services. Higher new orders and increased customer numbers were among the factors mentioned by businesses as having supported the growth of output.”

The survey also found that new orders rose sharply as demand conditions strengthened, with the pace of expansion little changed from March.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post