Business woes deepen in H2 as PMI drops to eight-month low

• Five banks accounted for 80.8% industry PAT in 2023 Index , which shows a steep deterioration from the preceding month of June. According to Stanbic IBTC’s readings, headline PMI declined… Index , which shows a steep deterioration from the preceding month of June.

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show deterioration. The renewed worsening in the health of the private sector mainly reflected the first reductions in output and new orders since November last year. In both cases, rates of decline were only modest, however.

The report said the FUGAZ banks also took the lion’s share of 79.3 per cent of industry profit before tax , in the same year. The report said banks gained N2.6 trillion from FX trading and revaluation owing to favourable net FX positions. It also noted that “reformsˮ targeted at accelerating the cashless economy drove a sharp upturn in deposits, up 71.

“These, along with sharp interest rate hikes in H2, toughed head-winds for businesses operating in an economy without adequate infrastructure support, rife with insecurity, and in dire need of sector-specific policy rework. Expectedly, real sector players suffered historic underperformance as firms booked significant losses owing to FX and interest rate pressure, as well as pressure on sales.”

Holds consultative meetings with religious leaders Ondo State Governor, Lucky Orimisan Aiyedatiwa, yesterday, said that his administration had begun move to engage investors towards reviving the Ifon Ceramic Company, Okitipupa Oil Palm Limited, and other moribund industries across the state. According to the governor, the move was hinged on the determination to provide employment opportunities…

The Federal Competition and Consumer Protection Commission Thursday accused Coca-Cola Nigeria Limited and Nigerian Bottling Company Limited of violating consumer protection laws. FCCPC, in a statement signed by its management, accused the two companies of misleading trade descriptions, unfair marketing tactics, and failure to comply with regulatory requirements.

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