The Stanbic IBTC Bank Purchasing Manager Index (PMI) remained unchanged at 51.0 in March, the joint-lowest in four months as the impact of currency weakness on the Nigerian private sector was evident again in March.
The Stanbic IBTC Bank PMI report stated that purchase costs rose at the sharpest rate on record, meaning companies increased their own selling prices at an unprecedented pace.
The rate of expansion in business activity ticked higher, but steep price rises acted to limit demand and the pace of new order growth eased to a four-month low. Meanwhile, employment decreased for the second month running. The headline figure derived from the survey is the Purchasing Managers’ Index.
