Nigeria's private sector gets boost from new orders in September
ABUJA - Nigerian private sector activity expanded for the second straight month in September as new orders rose, especially for chemical and pharmaceutical products, results of a central bank business survey showed on Friday.
The PMIs are one set of indicators the central bank's monetary policy committee considers when it sets interest rates. The PMI report said 23 out of 36 sub-sectors reported growth in September, with cement posting the highest rise, while transportation and warehousing reported the biggest decline. The central bank has hiked interest rates five times this year to tackle inflation, but analysts say this has raised the cost of borrowing for businesses with a negative impact on economic activity.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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