PMI Rises To 54.4 Points As Business Performance Improves

The Nigerian private sector grew by 54.4 basis points in May, with business conditions increasing to their highest level in nine months. The Purchasing Managers’ Index (PMI) rose to 54.4 in May from 52.9 in April. The headline PMI increased at its fastest rate since August of last year, extending the current expansion streak to 11 months. The PMI, conducted by Stanbic IBTC Bank, is the headline statistic obtained from the survey; numbers above 50.0 indicate an improvement in business conditions over the previous month, while numbers below 50.0 indicate a deterioration. “The stronger improvement in the health of the […]