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The Stanbic IBTC Purchasing Managers Index has shown that the private sector growth in Nigeria moderated as headline PMI went down from 54.4 in May to 53.6 in June.
The report said the sector still experienced a solid rate of growth as the uptick extended the period of expansion to 12 consecutive months, even though it moderated from a nine-month peak in May. The report said, “Output, purchasing and employment growth softened during the month. Meanwhile, firms reduced their backlogs at the second most marked rate in the series. On the price front, overall input price inflation was robust but eased to the softest since December 2020 despite a sharper rise in purchase costs.
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