Story perspectives

Nigeria's PMI Hits 54.3 Amid Rising Demand, Caution Grows

4/2/2025

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Summary

Nigeria's Private Sector Growth

Nigeria's private sector growth surged in March, with the Purchasing Managers’ Index (PMI) reaching 54.3, the highest since January 2024.
New orders increased significantly, fueled by easing inflation and rising domestic demand.
Employment rose for the fourth month, though some positions were contract-based.
Input costs grew at the slowest rate since May 2023, enhancing business conditions.
Despite growth, business confidence fell to a three-month low, reflecting caution about future activities.

Summary

US Job Growth Surges

In March, the US economy added 155,000 jobs, exceeding the forecast of 118,000 and February's 84,000.
Professional/business services led job growth with 57,000 positions, followed by financial activities with 38,000 and manufacturing with 21,000.
Year-over-year pay growth decreased to 4.6% for job-stayers and 6.5% for job-changers.
ADP's report utilizes payroll data from over 25 million employees.

History

Historical Context

Nigeria's PMI growth echoes past economic recoveries, notably post-oil price crashes in the 1980s and 2014. Easing inflation and rising demand mirror strategies employed during those times to stabilize the economy. However, current business confidence dips highlight ongoing uncertainties, reminiscent of previous economic volatility.

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Nigeria's Private Sector Growth

Nigeria's private sector growth surged in March, with the Purchasing Managers’ Index (PMI) reaching 54.3, the highest since January 2024.
New orders increased significantly, fueled by easing inflation and rising domestic demand.
Employment rose for the fourth month, though some positions were contract-based.
Input costs grew at the slowest rate since May 2023, enhancing business conditions.
Despite growth, business confidence fell to a three-month low, reflecting caution about future activities.

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