Rising Input Costs Dip Business Performance In October

The Nigeria’s Purchasing Managers’ Index report by Stanbic IBTC Bank said: ‘sharply rising prices also discouraged firms from purchasing inputs and caused delays in the completion of orders. On a more positive note, employment continued to rise amid company expansion plans.’

The report noted that, central to the challenges for firms in October was the sharpest rise in overall input prices since the survey began almost a decade ago. “New business decreased at a solid pace, thereby ending a six-month sequence of growth for the second time in the past three months and to the largest extent since the cash crisis earlier in the year. Lower new orders and high prices for inputs led companies to reduce their purchasing activity for the first time in seven months.”

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