Nigeria’s manufacturing Purchasing Managers’ Index slightly up to 54.7 in Feb

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The manufacturing Purchasing Managers’ Index (PMI) for Nigeria, which takes the temperature of the sector rose slightly from 54.6 to 54.7 in February, according to a report by FBN Quest, a unit of FBN Holdings.

The report said the stability was to be expected as January through to March were relatively slow months in terms of naira liquidity, resulting in subdued consumer confidence.

“The manufacturing sector continues to enjoy the benefits of the CBN’s exchange-rate reforms since greater fx availability translates directly into increased access to imported inputs,” the report said.

“To counter still soft consumption demand, some manufacturers have adopted innovative methods to push prices down and still maintain healthy profit margins.”

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