Nigeria’s private sector is still growing, but it’s clearly losing some steam. The latest PMI reading for June came in at 51.6, which means businesses are still expanding, just slower than earlier in the year. This is the third month in a row the index has declined from its March peak of 54.3. But on a positive note, this June’s activity is better than June last year, with a 2.99% year-on-year improvement.
The PMI, which tracks business conditions like new orders, output, and employment, uses 50 as the neutral mark, so anything above that means growth.
