Nigeria’s private sector maintained its expansion for the sixth consecutive month in July, supported by stronger customer demand, new product launches, and competitive pricing, although the pace of growth slowed from the previous month.
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI), compiled by S&P Global, declined to 52.5 in July from 53.4 in June. While the reading marked the slowest expansion in three months, it remained above the 50-point threshold that separates growth from contraction, indicating continued improvement in business conditions.
The survey showed that businesses recorded another sharp rise in new orders, extending the current sequence of demand growth to six months. Respondents attributed the increase to improved customer demand, the introduction of new products, and more competitive pricing strategies.
The sustained increase in new business translated into higher output, although production growth moderated to its weakest pace since January. Agriculture and manufacturing recorded the strongest output gains, while services and wholesale and retail trade posted more modest expansions.
Companies also continued to expand their workforce in response to rising demand, but employment growth eased to a three-month low.
