The nation’s private sector ended 2015 on a positive note with business conditions improving to the highest level since July.
According to statistics from Stanbic IBTC Bank Purchasing Managers Index (PMI) for December 2015, a key factor behind growth of the sector as a whole was higher new orders – the latest rise was the fastest in six months.
Output soared more quickly as a result, while employment increased at a solid pace. On the price front, cost pressures intensified in December.
Higher purchase prices had little impact on charges, as they fell for the second time in three months.
The seasonally adjusted Stanbic PMI posted 54.5 in December, thereby signalling a solid improvement in operating conditions at companies in the country up from 53.9 in November. The latest reading was the highest in five months.
Commenting on December’s survey findings, Ayomide Mejabi, Economist at Stanbic IBTC Bank said:
“The December Nigeria PMI reading (at 54.4) suggests that the recent recovery in private sector activity was sustained through the end of the year. The brisk pace of increased output and new orders appears to have carried on from November, after some clarity around the new government’s economic team as well as its policy leanings.
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