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Nigeria PMI July 2023

Nigeria: PMI falls in July

The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—fell to 51.7 in July from June’s 53.2. Consequently, the index remained above the 50.0 no-change mark, pointing to a moderating improvement in sector operating conditions compared to the previous month.

July’s print marked the second consecutive decline and was also caused by stronger inflation due to the government’s removal of fuel subsidies in late May and a weaker naira, following the Central Bank’s decision to reduce interventions in FX markets in June. Against this backdrop, input costs rose at the joint-fastest pace on record, which prompted firms to increase their output charges at a sharp rate. Consequently, new orders and output growth slowed down, while sentiment among manufacturers fell to an all-time low. On the flip side, firms expanded their headcounts for the third consecutive month and increased their purchasing activity.

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