Browsing: Nigeria private sector activity

Nigeria's private sector November PMI survey

Inflation strains ease slightly, but Nigerian private firms cut jobs and purchases

Countries
  • Nigeria’s November PMI rose to 49.6 from 46.9 in October, marking its fifth consecutive month below the neutral 50.0 threshold.
  • This reading signals an ongoing deterioration in business conditions in Africa’s biggest economy.
  • Rising energy prices, expensive raw materials, and a weak naira continued to drive substantial input price inflation.

Nigeria’s private sector showed tentative signs of improvement in November 2024, as inflationary pressures eased slightly. However, steep price increases and subdued demand continued to choke businesses, pushing many to cut jobs and reduce purchasing activity.

The headline Purchasing Managers’ Index (PMI) rose to 49.6 from 46.9 in October, marking its fifth consecutive month below the neutral 50.0 threshold. This reading signals an ongoing deterioration in business conditions in Africa’s biggest economy, albeit at a slower pace.

“This less pronounced deterioration was primarily due to the return to growth of new orders in November,” said Muyiwa Oni, Head of Equity …

Nigeria’s trade activity dips in September as rising inflationary pressure bites

Africa
  • The latest Stanbic IBTC Bank Nigeria PMI shows most companies continued to report less demand, attributable to an increase in the cost of products.
  • Nigerian industries reported the sharpest rise in input costs and output prices in six months.
  • High pump prices, transportation, and materials for manufacturers continued to hurt businesses in the month under focus.

Inflation in Nigeria

Rising inflationary pressures in Nigeria hit businesses hard at the close of the third quarter, with selling prices increasing by the sharpest margin in six months. The country’s private sector reported marginal job opportunities in September, the lowest in the previous three months.

According to Stanbic IBTC Bank Nigeria PMI, most companies continued to report less demand, attributable to an increase in the cost of products amid thinning incomes. Findings show that business confidence dipped in September and was the second lowest level on record, only just above July.

“Nigeria’s …