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Views: Visits 5 By Peter Egwuatu Nigerian private sector expanded by 2.9 percent in April, 2021 underpinned by further growth in output and new orders, according to Purchasing Manufacturing Index, PMI released by Stanbic IBTC Bank Plc. The PMI shows that firms increased their workforce and inventory holdings in anticipation of greater demand, while vendor performance improved further. According to the PMI survey, “inflationary pressures continued to build, however, with material shortages contributing to the sharpest overall rate of inflation in the series to date. Firms responded by raising selling prices to protect their profit margins.” The PMI readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show deterioration.
Private sector records 2.9 % growth in April PMI
On
By Peter Egwuatu
Nigerian private sector expanded by 2.9 percent in April, 2021 underpinned by further growth in output and new orders, according to Purchasing Manufacturing Index, PMI released by Stanbic IBTC Bank Plc.
The PMI shows that firms increased their workforce and inventory holdings in anticipation of greater demand, while vendor performance improved further.
According to the PMI survey, “inflationary pressures continued to build, however, with material shortages contributing to the sharpest overall rate of inflation in the series to date. Firms responded by raising selling prices to protect their profit margins.”
The PMI readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show deterioration.