Nigeria’s private sector just refused to die despite the usual economic chaos. The Stanbic IBTC Bank Purchasing Managers Index hit 53.5 recently, which signals steady growth. Readings above fifty mean business conditions improved for the thirteenth straight month. Strong customer demand forced companies to purchase more inventory and crank up output. Agriculture led the charge among all four measured groups while sales numbers remained decent.
Managers hired a few extra hands but kept payroll tight. Project backlogs grew slightly because of scarce materials and garbage electricity. Delivery times have been shortened slightly due to busted roads. Suppliers only moved faster when clients paid instantly to beat traffic.
Raw material costs spiked and forced shops to raise sticker prices. Inflation accelerated yet stayed under the scary highs from six years ago. Staff wages climbed as workers clocked overtime hours. Manufacturers increased their charges more than anyone else.
Muyiwa Oni notes that optimism reached a six-month peak. Executives plan on opening fresh branches or shipping products abroad. The index dip shows softer expansion but confirms the market survives.
Managers hired a few extra hands but kept payroll tight. Project backlogs grew slightly because of scarce materials and garbage electricity. Delivery times have been shortened slightly due to busted roads. Suppliers only moved faster when clients paid instantly to beat traffic.
Raw material costs spiked and forced shops to raise sticker prices. Inflation accelerated yet stayed under the scary highs from six years ago. Staff wages climbed as workers clocked overtime hours. Manufacturers increased their charges more than anyone else.
Muyiwa Oni notes that optimism reached a six-month peak. Executives plan on opening fresh branches or shipping products abroad. The index dip shows softer expansion but confirms the market survives.
