• About
  • Advertise
  • Careers
  • Contact Us
Tuesday, June 24, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

PMI Report: Business Confidence Declines to Weakest Level in November

At 48.0 in November, down from 49.1 in October, the headline PMI remained below the 50.0 no-change mark for the second month running midway through the final quarter of the year.

by Techeconomy
December 2, 2023
in Finance
1
Stanbic Purchasing Managers Index - PMI for October 2023
Purchasing Managers Index - PMI

Purchasing Managers Index - PMI

UBA
Advertisements

Companies in Nigeria continued to be negatively impacted by strong inflationary pressures in November, with new orders and output both falling as customers were either reluctant or unable to pay higher charges.

Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI).

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

At 48.0 in November, down from 49.1 in October, the headline PMI remained below the 50.0 no-change mark for the second month running midway through the final quarter of the year.

The index signalled a modest deterioration in business conditions, and one that was the most marked since the cash crisis in the opening quarter of the year.

The overall decline in operating conditions was in large part driven by further reductions in output and new orders. Both fell for the second month running, and to greater extents than in October.

Activity decreased particularly strongly at wholesale & retail companies, while agriculture was the only sector that posted an increase in output.

The declines in output and new orders generally reflected steep price rises and the impact these had on customer demand.

Companies raised their selling prices rapidly again in November, with the rate of inflation slowing only slightly and remaining among the strongest on record. Close to half of all respondents raised their charges during the month.

The rise in selling prices was in response to higher input costs. Purchase price inflation quickened to a near two-year high on the back of exchange rate weakness and higher costs for fuel and materials.

Wages also increased as companies looked to help staff with higher living and transportation costs.

Although business activity decreased again in November, firms continued to expand their staffing levels. Employment increased for the seventh month running, albeit modestly and to a lesser extent than in October.

Purchasing activity, meanwhile, was broadly unchanged following a fall in the previous survey period.

Meanwhile, a reduction in activity meant that fewer inputs were needed than had been expected, resulting in a further build-up of stocks of purchases.

Reduced demand for inputs, prompt payments and competition among suppliers meant that vendor lead times continued to shorten. Moreover, the rate of improvement hit a one-and-a[1]half year high.

Worries about the impact of inflationary pressures on demand caused business confidence to fall to the weakest since July’s record low.

That said, business investment and plans to open new plants supported optimism that output.

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: PMIStanbic PMI
Techeconomy

Techeconomy

Next Post
bvn and nin - NIMC

CBN to Freeze Bank Accounts Without BVN and NIN from April 2024

Comments 1

  1. Pingback: PMI Report: Business Confidence Declines To Weakest Level In November - News Curators

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Women’s AFCON: Nigeria vs South Africa Live on StarTimes

3 years ago
MTN Nigeria donates N1billion and 4600 devices to FG | digital tablets

MTN Nigeria Backs FG’s Food Support Programme with N1bn, 4600 Digital Devices

11 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.