Business activity in Africa’s biggest economy has dropped to the lowest in four months according to July’s Purchasing Managers’ Index (PMI) report.
In the latest monthly PMI by Stanbic IBTC Bank on Tuesday, the headline PMI remained above the 50.0 no-change mark but dipped to 51.7 in July 2023 from 53.2 in the previous month.
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“Steep price pressures acted to limit the pace of growth in the Nigerian private sector in July. Overall input costs rose at a pace unsurpassed in more than nine-and-a-half years of data collection, with selling prices up rapidly in response,” the report said.
It said rising price pressures impacted demand, with growth of both new orders and business activity softening as the second half of the year got underway. Meanwhile, business confidence hit a new low.
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