Nigerian private sector stabilizes in AprilStaff writer ▼ | May 9, 2016
Nigeria’s private sector stabilized in April, with data pointing to no change in business conditions since March.
Africa Stanbic IBTC Bank Nigeria PMI
Input stocks continued to rise modestly, while the rate of job creation eased to a 20- month low. On the price front, charges increased at a survey-record pace.
Currency weakness and a scarcity of fuel were both cited as factors leading to inflation. The headline figure derived from the survey is the Purchasing Managers’ Index (PMI).
Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
Rising from 49.6 in March to 50.0, the seasonally adjusted Stanbic IBTC Bank Nigeria PMI signaled a stabilization in Nigerian private sector business conditions during April.
The latest reading marked the end of a two-month contraction, but was still the third lowest recorded since the series began in January 2014. ■