Nigeria’s manufacturing Purchasing Managers’ Index (PMI), a gauge for manufacturing sentiments, has sustained an upward trajectory as it hits 54.0 In May 2023.
At 54.0, up from 53.8 in April, the index signaled a solid improvement in business conditions that was the most marked in 2023 so far. The headline figure derived from the survey is the Purchasing Managers’ Index (PMI) conducted by Stanbic IBTC Bank.
Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
The headline PMI posted above the 50.0 no-change mark for the second month running in May, following the two-month sequence of decline seen around the worst of the cash crisis in the first quarter of the year.
The latest PMI data indicated that the Nigerian private sector continued to recover from the cash crisis in May as access to money improved and business conditions returned to normality, saying “output and new orders expanded for the second month running, with the latter increasing at the fastest pace in just over a year.
Confidence remained historically subdued, however, meaning that firms continued to operate a cautious approach with regards to hiring.” – LEADERSHIP
