NIGERIA’S private sector maintained its expansion for the ninth consecutive month in October, although growth slowed slightly as rising fuel costs drove up input and selling prices, the latest Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has shown.

However, the incoming Chairman of the Nigerian Economic Summit Group (NESG), Omoboyede Olusanya, called for a shift in Nigeria’s economic policy priorities from achieving impressive growth figures to delivering measurable improvements in employment, incomes, productivity and living standards.

The headline PMI declined to 55.7 points in October from 56.4 points in September, indicating a moderation in the pace of business activity.

A reading above 50 points signals an improvement in business conditions, while a figure below that threshold indicates contraction.

Despite the slowdown, new orders increased for the ninth consecutive month, supported by stronger customer demand and the introduction of new products.

However, the pace of growth was slightly weaker than in September, when new orders recorded their fastest expansion since early 2022.

Guardian