Stanbic IBTC provides N6.7b facility for BAZE University Teaching Hospital

By Peter Egwuatu

Expansion in business conditions were recorded in November this year, according to Stanbic IBTC Purchasing Managers Index, PMI, released yesterday.

The report stated that further robust expansions in output and new orders helped drive a pick-up in growth in the Nigerian private sector during the month.

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However, the report stated: “Private sector performance was overshadowed by a record increase in overall costs amid ongoing global supply issues and unfavourable exchange rate movements. Firms were nevertheless committed to raising their inventory holdings in a bid to protect against future shortages and price hikes.

“At 55.0 in November, up from 54.1 in October, the headline PMI signalled a solid expansion in business conditions, bringing the sequence of growth to 17 months.

“Central to the improvement was the joint-fastest rise in new orders for almost two years. Higher sales to both international and domestic markets, as well as greater client requirements underpinned growth.”

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