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Meanwhile, employment was up modestly for the second month running. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ IndexTM (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. The headline PMI remained above the 50.0 no-change mark in June.

The event is a celebration of women in the Nigerian tech space while encouraging more women and young girls to take up careers in science, technology, engineering and mathematics (STEM). It preaches the need to close the gender gap and empower women and young girls to seize the opportunities that the tech world offers.

However, cash shortages weighed on new orders, which rose at the softest rate for a year-and-a-half. Nevertheless, firms remained committed to raising output and stockpiled inputs accordingly, while sentiment improved to an 11-month high. Cost pressures remained sharp in January, but purchase price inflation eased notably from December’s previous peak.