2 July 2018 ( Lagos ) : The CBN released its Purchasing Managers’ Index (PMI) for June with both Manufacturing (57.0) and Non-Manufacturing (57.5) indices posting m/m improvement. The pace of growth came in faster than that of the previous month, the above-50 readings point to further economic expansion as the positive macroeconomic environment (strong crude oil prices, moderating inflation, and stable FX liquidity) continues to support economic activities. 

Analysts highlight that this represents the fifteenth and fourteenth consecutive months of expansion for both Manufacturing and Non-Manufacturing PMI respectively, indicating steady economic improvement. While the macro-economic indicators all point to economic growth, as we enter the second half of the year analysts note that uncertainties could taper business activities as electioneering comes in focus. 

Reporting for EasyKobo on Monday , 2 July 2018 2018 in Lagos, Nigeria

Source: Analysts at Vetiva Capital Management Limited.