The private sector business condition in Nigeria has plummeted amidst the naira scarcity, a monthly report by Stanbic IBTC has shown.
The report read in part, “Meanwhile, persistent fuel shortages saw petrol pump prices increase, which added to price pressures and led to supplier delivery delays.
“The rate of input inflation was the softest since June 2020, but marked and stronger than the series average. In turn, there was a further sharp rise in output prices, albeit one that was the weakest in four months. “ Lastly, business sentiment was at a five-month high, supported by hopes that economic conditions will improve, alongside business expansion and investment plans.”
Expounding on the forecast, the report highlighted that the composite PMI in Nigeria is “expected to be 54.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.” In retrospect, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.40 points in 2024 and 56.00 points in 2025, according to our econometric models.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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