The Stanbic IBTC Bank Nigeria PMI surged to 53.8 in April 2022, up from a two-year low of 42.3 the previous month, indicating a renewed expansion in the country’s private sector after two months of decline. Business sentiment improved slightly in April but remained subdued. Separately, South Africa manufacturing PMI increased to 49.8 in April from an eight-month low of 48.1 in March but still marked the third consecutive month of contraction in manufacturing activity.