Nigerian businesses are maintaining strong confidence in the economy, despite a slight moderation in growth, as the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) settled at 52.0 in January.
Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration.
While lower than December’s 52.7, the index remained above the crucial 50.0 mark, signalling continued expansion in the private sector.
The latest PMI data shows that business activity and new orders grew for the second consecutive month, buoyed by improving customer demand and greater willingness to commit to new projects.
More significantly, business confidence soared to its highest level in over a decade, reflecting optimism about expansion plans and improved market conditions.
Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, emphasised that while growth has slightly slowed, business sentiment remains strong.
