Nigeria’s private sector remained on a growth path in July, with businesses reporting another month of stronger demand from customers despite a moderation in the pace of expansion.
Softer cost pressures also offered some relief, as purchase price inflation slowed to its weakest level in five months.
The latest Purchasing Managers’ Index released by Stanbic IBTC Bank Nigeria and compiled by S&P Global showed the headline index declined to 52.5 in July from 53.4 in June.
Although the reading represented the slowest improvement in business conditions in three months, it remained comfortably above the 50-point benchmark that signals expansion, marking the sixth consecutive month of growth in private sector activity.
According to the survey, businesses continued to record robust growth in new orders during July, driven by stronger customer demand, competitive pricing strategies and the introduction of new products.
The increase in new business helped sustain higher output levels, though production growth eased to its weakest pace since January. Agriculture and manufacturing led output gains, while services and wholesale and retail activities expanded more moderately.
