Report: Nigeria’s PMI rises to 53.8 in April

For the first time in the last three months, the country’s Purchasing Managers’ Index (PMI) has risen above the 50.0 no-change mark to stand at 53.8 in April compared with 42.3 in March, according to Stanbic IBTC Bank’s Nigeria PMI report for last month. The report attributed the expansion to the easing of the cash crisis which adversely affected economic activities in the first three months of the year.
The report said: “The headline PMI moved back above the 50.0 no-change mark for the first time in three months during April. At 53.8, the index was up from 42.3 in March and pointed to a solid overall improvement in business in the private sector.
“According to respondents to the latest survey, the operating conditions reflected an easing of the cash crisis which has severely affected the economy in recent months. Panellists reported a more normal business environment as customer numbers improved in line with greater access to cash.
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