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Nigeria’s manufacturing activity pulled off a sharp growth last month, shaking off successive contractions in the two months preceding April.
The growth was recorded as the squeeze resulting from the central bank’s push to wean Africa’s largest economy off dependence on physical cash softened.
The country’s Purchasing Manager Index (PMI) came in at 53.8 for the month on increased production level and improvement in new business, according to newly issued factory activity data.
A reading higher than 50 points to growth, while any below that threshold implies a shrinking in PMI, which assesses the…