According to the latest Purchasing Managers’ Index (PMI) published by Stanbic IBTC, business activities in Nigeria stayed unchanged in March, holding steady at 51 points, the same level as February. A PMI reading above 50 points suggests an improvement in business conditions, while a score below indicates a decline.
While purchase costs and output prices rose sharply, marking record rates, there was a slower increase in new orders, and employment saw a decline for the second consecutive month. Although there was an uptick in new business for the fourth straight month due to increased client interest, the rate of expansion was the slowest in the current period of growth. Business activity’s expansion rate picked up slightly from February but remained modest.
Compiled by S&P Global, the Stanbic IBTC Bank Nigeria PMI gathers responses from purchasing managers in around 400 private sector companies.
Source: PUNCH