Browsing: S&P Global Market Intelligence

• 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 …

• In July, South Africa’s private sector posted the quickest fall in output and new orders since March
• Official statistics show that the country’s inflation was at a near four-year low.
• Business confidence was however at the highest levels since February 2022.

As South Africa stepped into the second half of 2024, the country’s economy continued to face challenges, with the private sector contracting for the second month in a row.

The latest Purchasing Managers’ Index (PMI) report from S&P Global paints a complex picture—while the contraction deepened in July, there are also signs of optimism that could signal a brighter future.

A deepening contraction in South Africa’s private sector

The S&P Global South Africa PMI for July registered at 49.3, a slight decline from June’s 49.2. While the change may seem minor, it is significant as it marks the second month in a row that the PMI has remained below …