News Formal

Price hike pushes Nigeria’s business activities into decline

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 59%

Business News

United States United States Latest News,United States United States Headlines

Business and economic activities in Nigeria declined to the lowest in June 2024 amid soaring prices of goods and services. This is according to the Purchasing Managers’ Index, PMI released on Monday which surveyed 400 companies from the agriculture, manufacturing, services, construction and retail sectors.

The report, conducted by Stanbic IBTC, showed that the headline index fell to 50.1 from 52.1 in the previous month. PMI for June signalled a broad stagnation of Nigeria's private due to price pressures which led to a growth decline of output and new orders. “June data signaled a broad stagnation of the Nigerian private sector as subdued demand and intense price pressures led to slowdowns in growth of output and new orders. In turn, employment rose only fractionally.

There were some reports of underlying demand improving, but sharp price rises meant that customers faced challenges being able to commit to new projects,” the report added. Reacting to the report, Muyiwa Oni, head of equity research West Africa at Stanbic IBTC Bank said, 'The Stanbic IBTC headline PMI dropped to a seven-month low of 50.1 points in June from 52.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FCCPC urges retailers to promote fair business practices, price transparencyThe Federal Competition and Consumer Protection Commission, FCCPC, has urged organisations dedicated to consumer welfare and business-to-customer relationships to promote fair business practices.
Source: DailyPostNGR - 🏆 11. / 59 Read more »