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FX RATES

Improved PMI reading foreshadows awaited recovery of businesses

Nigeria’s manufacturing Purchasing Managers’ Index (PMI), a gauge for manufacturing sentiments, has continued its upward movement on a monthly basis signifying the gradual recovery of business activities in the country’s manufacturing sector.

The PMI moved from 51.4 points in March to 53 points in April with improvement recorded for four out of the five sub-indices examined, according to data by FBN Quest and NOI. This was driven by activities in the cement industry which emerged a winner during the COVID-19 pandemic.

However, despite the upward movement of the PMI which is a forward-looking indicator of economic performance, analysts do not believe that it will impact the economic performance particularly for the first quarter of 2021.

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