BREAKING: Nigeria’s private sector reports poor growth amid weakening Naira

Nigeria’s private sector reported what could hardly pass as growth in September, with prices of inputs accelerating at one of the swiftest rates ever in response to a weaker naira and steeper cost of running business., which gauges the overall direction the economy is heading and the health of the economy, stood at 51.1 in the month that just went by, compared to 50.2 in August, according to Stanbic IBTC’s Nigeria’s PMI issued on Monday.

The Central Bank of Nigeria refrained from releasing the data at the end of 2020 after at least five years of consistent publication, forcing“Prices remained elevated, with input and purchase prices remaining at period highs,” said Muyiwa Oni, who heads equity research for West Africa at Stanbic IBTC Bank.

“Input prices increased materially across the major sectors covered, with inflationary pressures most pronounced in wholesale & retail and manufacturing.” Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent governmentFor continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

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Source: Financial Digest (financialdigest.net)

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