BUSINESS DAY NG
Nigeria’s business activities have witnessed its fastest growth since 2024 as economic reforms pay off.
The latest monthly PMI by Stanbic IBTC Bank released on Monday showed the headline index increased to 53.7 in February from 52.0 reported in January.
According to the PMI survey, this signals a solid monthly improvement in business conditions and one that was the most pronounced since January 2024.
“February data pointed to improved growth momentum in the Nigerian private sector. Rates of expansion in output, new orders, and purchasing activity all quickened as demand picked up and inflationary pressures showed signs of moderating,” it said.
The report disclosed that output was up in agriculture, manufacturing, services and wholesale & retail, although, in wholesale & retail, the rise was only fractional.
It said new orders also increased at a marked pace, with the latest rise the most pronounced in just over a year. Customers were reportedly more willing to commit to new projects…
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