Nigeria PMI Shows Softest Rise in Selling Prices for a Year

Business activity in Nigeria reached its highest level in four months in May 2024 as inflationary pressures eased to a one-year low, according to the latest Purchasing Managers’ Index (PMI)
The headline index improved to 52.1 from 51.1 in April. A reading above 50.0 indicates an improvement in business conditions, while a reading below 50.0 signals deterioration.
The May data indicated a pick-up in growth within the Nigerian private sector, with both output and new orders increasing at a sharper rate compared to April.
However, the rates of expansion were still slower than their respective series averages, due to high prices continuing to limit demand, and the report also noted further signs of inflation leveling off, with both purchase costs and selling prices rising at the slowest rates seen in a year.