Nigeria Private Sector Returns to Growth in February

Nigeria's private sector returned to growth in February after a brief contraction in January, with the headline Purchasing Managers' Index rising to 53.2 from 49.7, according to the Stanbic IBTC Bank Nigeria PMI released Monday. The improvement marks a significant reversal from the previous month's contraction, indicating renewed business activity and market confidence in Africa's largest economy. The PMI reading, which measures business conditions across manufacturing and services sectors, showed expansion above the 50 threshold that separates growth from contraction. This positive development suggests increased production, new orders, and potentially improved employment conditions in Nigeria's diverse economic landscape. The February rebound comes after several months of volatility in Nigeria's economic indicators, offering hope for more stable growth trajectory in the coming months.