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Nigeria PMI October 2023

Nigeria: PMI records worst reading since March in October

The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 49.1 in October, down from September’s 51.1. October’s result marked the worst performance since March. Consequently, the index dropped below the 50.0 no-change threshold, signaling a deterioration in sector operating conditions from the previous month.

October’s downturn was chiefly caused by an acceleration in firms’ costs: Input prices increased at the sharpest pace on record due to currency weakness and continued pass-through effects of the removal of fuel subsidies. Against this backdrop, companies reduced their input buying activity and increased their output prices markedly. Consequently, both new orders and output declined. More positively, employment levels rose for the sixth successive month due to business expansion plans, which in turn provided some optimism for the year ahead.

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