Nigeria’s private sector is showing strong signs of recovery, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index reaching a 13-month high of 53.7 in February.
According to the PMI report released on Monday, this is the most pronounced improvement in business conditions since January 2024 and marks the third consecutive month of strengthening within the private sector.
The report indicated that the headline PMI rose to 53.7 in February from 52.0 in January, signalling a solid monthly improvement in business conditions.
Some of the key drivers of the growth include increased output, as February saw a marked increase in output, the fastest since January 2024, attributed to higher sales amid an improving demand environment.
Output was up across agriculture, manufacturing, services, and wholesale and retail sectors.
Also, new orders and purchasing activity all quickened as demand picked up and inflationary pressures showed signs of moderating.
