City in Nigeria

Nigeria PMI March 2024

Nigeria: PMI unchanged in March

The Stanbic IBTC Bank Nigeria PMI remained unchanged at 51.0 in March. As a result, the index remained above the 50.0 no-change threshold, signaling an improvement in private-sector operating conditions compared to the previous month.

The latest PMI reading reflects a complex environment for Nigerian businesses, marked by a slight acceleration in business activity despite challenges. That said, currency weakness significantly impacted the sector, leading to record increases in purchase costs. This, in turn, forced companies to raise their selling prices at an unprecedented rate. The sharp rise in costs also tempered demand, slowing the growth of new orders to a four-month low. Additionally, employment levels fell for the second consecutive month, further indicating the pressures faced by businesses.

Despite these challenges, there was a slight increase in business confidence, although it remained relatively weak, reflecting ongoing concerns about costs and the broader economic environment.

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