Nigeria Einkaufsmanagerindex Composite

The Stanbic IBTC Bank Nigeria PMI rose to 49.9 in August 2024, up from 49.2 in the prior month, signaling a generally stable business environment in the Nigerian private sector. Companies posted a fractional reduction in business activity during August, as was the case in July, despite a slight rebound in new orders. Employment continued to increase, as firms worked through outstanding business at a faster pace. Also, purchasing activity was scaled back, while stocks of inputs decreased for the first time in 17 months. On the price front, the rate of purchase cost inflation hit a five-month high amid increases in prices for materials and transportation, with cost pressures exacerbated by currency weakness. Staff costs were also up. Output prices, subsequently, increased at the sharpest pace in five months. Looking ahead, business sentiment remained among the least optimistic since the survey began, although rising from July's record low.