Nigeria Business Confidence Rises to 104.6 as Manufacturing Jumps Back Into Expansion
Updated
Updated · Business Insider Africa · Jun 3
Nigeria Business Confidence Rises to 104.6 as Manufacturing Jumps Back Into Expansion
1 articles · Updated · Business Insider Africa · Jun 3
Summary
NESG’s Business Confidence Monitor climbed to 104.6 in May from 102.1 in April, with manufacturing driving the rebound in Nigeria’s private sector.
Manufacturing’s index surged to 114.1 from 98.7 as stronger consumer demand and festive-season spending lifted food, textiles, paper and basic metals producers.
Trade and services also stayed in growth territory—at 105.5 and 103.5 respectively—while agriculture contracted to 97.5 and non-manufacturing industries slipped to 99.4.
High operating costs, unreliable electricity, insecurity and limited credit still held back investment and exports, both of which remained below expansion threshold.
Future expectations stayed upbeat at 127.0 for the next one to three months, but the May reading remained below 109.8 a year earlier, underscoring a still-uneven recovery.