Nigeria’s Purchasing Managers’ Index (PMI) eased to 54.1 in March from 57.3 in February, but stayed comfortably above the 50.0-mark, which signals an improvement in business conditions, Stanbic IBTC’s latest PMI report for the country’s private sector shows. According to the report, “at 54.1 in March, down from 57.3 in February, the latest expansion pointed to a softer, yet solid, improvement in business conditions. Growth has now been seen in each of the last 21 months. While demand conditions were favourable in March, firms reported softer inflows of new orders.
Cash shortages and surging prices were commonly associated with the moderation. That said, the rate of expansion was still sharp.” The report further stated that all four of the monitored sub-sectors recorded marked upticks with the manufacturing sector leading the expansion, followed closely by services, adding that agriculture and wholesale and retail followed respectively…
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