Manufacturing activities in the country contracted for a second consecutive month in a row in March as cash scarcity in Africa’s biggest economy hampered private sector activity. The drop in production consequently led to reduced sales as manufacturers navigated through headwinds occasioned by a shortage of cash. According to the latest edition of Stanbic IBTC Bank Nigeria PMI, which measures manufacturing activity in the country, Nigeria’s purchasing manager index for March reduced from 44.7 in February to 42.3 in March. The latest drop signals the second-deepest plunge since the survey started more than nine years ago. The contraction also meant that both staffing levels and purchasing activities fell.

Source: Punch April 06, 2023 15:11 UTC