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STANBIC PMI
Inflationary pressures continue to hit Nigerian businesses as up to 49% of business in the country reported increasing prices of products and services in the past month September.
The Central Bank of Nigeria's (CBN) Purchasing Managers' Index (PMI) report for July indicates a continued contraction in economic activities, marking the 13th consecutive month of decline since June 2023.
Business activities in Nigeria’s private sector contracted for the first time since November 2023 in July mainly due to reduction in new orders and high prices limiting demand.
Nigeria’s Purchasing Managers’ Index (PMI) drop to a seven month of 50.1 in June as inflationary pressures led to a slowdown in business activities in the month.
Nigeria’s Stanbic Purchasing Managers’ Index (PMI) rose to 52.1 in May on the back of improvements in business conditions as growth in output and new orders rose above April levels.
Exchange rate gains in the naira during the month of April led to a slowdown in inflation pressure according to the Stanbic IBTC Nigeria Purchasing Managers Index (PMI) in the month of April.
Businesses in Nigeria faced the highest increase in input cost in a decade due to the weakness in the exchange rate for February.