Purchasing Managers’ Index in Nigeria stood at 51 in the month of March 2024
The Purchasing Managers’ Index (PMI) for Stanbic IBTC Bank Nigeria stood at 51.0 in March 2024, showing no change from the previous month. This index serves as a gauge of private sector activities within the country, encompassing various sectors such as agriculture, mining, manufacturing, construction, wholesale, retail, and services.
A reading above 50 indicates growth in private sector activities, while below 50 signifies a decline, with 50 representing stability. The March PMI of 51 suggests a slight expansion in output, albeit at a modest pace. However, challenges such as high transportation and staff costs, along with currency depreciation, have led to increased price levels and a subsequent dampening of new demands and orders.
Despite the recent recovery of the naira, the Central Bank of Nigeria (CBN) must implement measures to sustain this progress and ensure currency stability.
Furthermore, collaboration between the government and private sectors is essential to develop frameworks that address business challenges like unreliable power supply, while also streamlining regulations and administrative processes. These efforts will foster a more conducive environment for business growth and expansion.
