Nigeria Pmi Composite

The Stanbic IBTC Bank Nigeria PMI came in at 51 in March 2024, the lowest in four months, unchanged from the previous month. The rate of expansion in business activity quickened slightly from February, but remained relatively modest. Although new orders increased for the fourth month running, the pace of growth eased to a four-month low, as steep price rises acted to restrain demand. In fact, the rate of purchase price inflation hit a fresh record high for the second consecutive month, largely due to the impact of currency weakness. There were also some reports of higher transportation costs, prompting companies to raise their selling prices at an unprecedented pace. In the meantime, employment decreased for the second month running. Purchasing activity returned to growth, however, following a reduction in the previous survey period. Lastly, confidence in the year-ahead outlook for business activity strengthened from the previous month's record low, but remained relatively weak.