Nigerian businesses faced notable challenges in October 2024, with the Stanbic IBTC Purchasing Managers’ Index (PMI) declining to 46.9 from 49.8 in September, signaling a slowdown in economic activity.
This drop reflects the pressure of rising inflation, which reached 32.70% in September, impacting the operational costs and demand that many businesses depend on.
The index, which measures business conditions, highlights the ongoing economic strain affecting production and purchasing power across sectors in Nigeria.
“The headline PMI dropped to 46.9 in October from 49.8 in September, signalling a marked deterioration in business conditions that was the most pronounced since March 2023. Central to the worsening business environment in October was an intensification of already strong inflationary pressures. Overall input prices surged higher, with the latest rise the third-fastest in the survey’s history,” the report stated.
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