Nigeria: PMI falls in June
The Stanbic IBTC Bank Nigeria PMI fell to 50.1 in June from 52.1 in May. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in private-sector operating conditions compared to the previous month.
The primary factors influencing the latest PMI reading were a significant slowdown in the growth of output and new orders, attributed to subdued demand. The expansion in new orders was marginal and the weakest in the current seven-month sequence of growth. This deceleration in new orders and output growth, in turn, restrained employment growth.
Looking at prices, overall input costs rose at the fastest pace since March. This was partly due to currency weakness and higher raw material costs. Companies responded by raising their selling prices sharply again, with the pace of inflation quickening slightly from May. Lastly, business sentiment remained among the lowest on record.