Nigeria:Business Conditions Improve Again – Report

  • 08 October 2020 / News / 95 / Emerging Africa

Nigeria:Business Conditions Improve Again – Report

The Nigerian private sector has remained in growth territory in September, following an improvement in business activities in July and August after ease of restrictions due to the coronavirus pandemic, a report has said.

Business owners have reported a positive change in activities in September even as there were some signs of moderation as rates of expansion in output and new orders softened, a Purchasing Managers’ Index report by Stanbic IBTC group said.

The report released on Monday said companies continued to expand purchasing activity and employment in line with higher new orders.

It said suppliers’ delivery times improved further amid a lack of road congestion.

Meanwhile, increased workforce numbers and sufficient capacity to fulfil new orders led to a series- record decline in the level of incomplete work.

On the price front, overall input price inflation was marked and was driven by increase in raw material costs and unfavourable exchange rates against the US dollar.

Output and new orders rose sharply during September, it said.