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Nigeria PMI November 2023

Nigeria: PMI falls in November

The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—fell to 48.0 in November from October’s 49.1. November’s result marked the worst performance since March. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in sector operating conditions compared to the previous month.

In November, client demand continued to weaken due to stubbornly high inflation. Exchange rate weakness and higher fuel costs caused an acceleration in purchase price inflation, which in turn prompted firms to raise their prices at one of the sharpest rates on record. Consequently, both new orders and output fell at faster paces. Weaker activity in the wholesale and retail sector spearheaded the downturn. Against this backdrop, business sentiment fell to the weakest level since July’s record low. More positively, employment levels rose and suppliers’ delivery times shortened.

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