New Telegraph

Report: Nigeria’s PMI Moderated To 52.0 In January

Nigeria’s Purchasing Managers’ Index (PMI) posted 52.0 in January 2025 down from 52.7 in December 2024, Stanbic IBTC Bank’s latest Nigeria PMI report has said.

Noting that “readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration,” the report said that the PMI reading for January signal, “a second successive monthly improvement in the health of the Nigerian private sector … with new orders and business activity each continuing to rise.”

It noted that although input costs and output prices continued to rise rapidly, respective rates of inflation were much slower last month than seen in December.

It further stated that there was a large improvement in business confidence while firms expanded employment, purchasing and inventories.

Specifically, the report said: “Business activity rose solidly in January, after having returned to growth in December. That said, the rate of expansion eased from the previous month.

Activity increased across three of the four monitored sectors, the exception being wholesale & retail Signs of improving customer demand and a greater willingness among clients to commit to new projects supported the rise in output and also contributed to growth of new orders.

As was the case with activity, new business increased for the second month running, but at a softer pace than in December.

“Companies were also much more optimistic regarding the future in January, with business expansion plans and marketing activities set to support output growth over the coming year.

Although remaining relatively muted overall, the uplift in sentiment seen at the start of the year was the largest since the survey began just over 11 years ago.”

It further said that while rates of increase in both input costs and output prices remained elevated in January, in both cases the rises were much weaker than seen in December, adding that, “overall input price inflation was the slowest since April 2024, while charges increased at the weakest pace in six months.”

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