Nigeria’s trade activity dips in September as rising inflationary pressure bites --[Reported by Umva mag]

• The latest Stanbic IBTC Bank Nigeria PMI shows most companies continued to report less demand, attributable to an increase in the cost of products.
• Nigerian industries reported the sharpest rise in input costs and output prices in six months.
• High pump prices, transportation, and materials for manufacturers continued to hurt businesses in the month under focus.

Rising inflationary pressures in Nigeria hit businesses hard at the close of the third quarter, with selling prices increasing by the sharpest margin in six months. In September, the country’s private sector reported marginal job opportunities, the lowest in the previous three months.

According to Stanbic IBTC Bank Nigeria PMI, most companies continued to report less demand, attributable to an increase in the cost of products amid thinning incomes. Findings show that business confidence dipped in September, and was the second lowest level on record, only just above July.

“Nigeria’s PMI remained below …

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