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Nigeria PMI August 2023

Nigeria: PMI records worst reading since March in August

The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—fell to 50.2 in August from July’s 51.7. August’s result marked the worst reading since March. As a result, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in private sector operating conditions from the previous month.

August’s reading marked the third successive fall and was also chiefly driven by stronger price pressures 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. Input costs rose at the faster pace since the survey began in January 2014, spearheaded by sharp increases in transportation and wage costs. Consequently, output charges also rose at a record pace, which in turn led to a softer expansion in new orders. Against this backdrop, output declined for the first time in five months, and employment growth eased. More positively, firms continued to increase their purchasing activity and became more optimistic regarding the year ahead.

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