Nigerian businesses recorded significant deterioration in October 2024 as the purchasing manager index dropped to 46.9 from 49.8 recorded in September. This is according to the Stanbic IBTC Purchasing Managers’ Index (PMI) for October.
Nigerian businesses recorded significant deterioration in October 2024 as the purchasing manager index dropped to 46.9 from 49.8 recorded in September. This is according to the Stanbic IBTC Purchasing Managers’ Index for October. The data speaks volumes about the difficulties the majority of businesses in Nigeria face due to rising inflation, which stood at 32.70 per cent in September. 'The headline PMI dropped to 46.9 in October from 49.
reports that the price of fuel jumped to over N1060 per litre in October from an average price of N626.21 in September 2023. Fuel price hike coupled with the unstable naira, which stood at N1666.72 per dollar on November 1, 2024, compared to N942 traded in the same period last year. The development had reduced the purchasing power of the majority of Nigeria as skyrocketed prices of goods and services worsened the cost of living in the country.
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