Nigeria Pmi Composite

The Stanbic IBTC Bank Nigeria PMI fell to 46.9 in October 2024, down from 49.8 in the prior month. The latest reading pointed to the fourth consecutive month of contraction in the country's private sector, marking the most significant decline since March 2023. Both new orders and output declined markedly, primarily due to the intensification of already strong inflationary pressures, driven by currency weakness and rising costs for fuel and transportation. In fact, overall input costs increased at one of the sharpest rates on record, prompting a corresponding rise in selling prices. Purchasing activity was also reduced to its lowest level since March 2023. Consequently, input stocks declined for the third consecutive month. More positively, companies continued to increase their staffing levels, raising employment for the sixth month running, albeit modestly. Finally, business sentiment was the lowest since the survey began in January 2014.