Private Sector Growth Improves To 54.3 Points In November
Lagos
Stanbic IBTC Bank Nigeria Purchasing Managers Index (PMI) report, revealed that business conditions continued to improve markedly in the Nigerian private sector during the month of November amid improving demand and higher customer numbers.
The report, which was released yesterday, stated that, “in turn, firms expanded their purchasing activity and employment. That said, business confidence dropped to the lowest since the survey began in January 2014. Meanwhile, inflationary pressures remained elevated, often reflecting currency weakness.”
The headline PMI rose to 54.3 in November from 53.6 in October, pointing to a solid monthly improvement in business conditions in the Nigerian private sector.
The health of the private sector has now strengthened in 29 successive months, with the latest improvement the most pronounced since April.
Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
Stanbic IBTC Bank stated that new business increased at the fastest pace in six months amid reports of stronger demand and higher customer numbers, saying, companies responded to rising demand by increasing their business activity accordingly and output has now risen in each of the past five months.
“Marked increases in activity were seen across each of the four broad sectors covered by the survey.
“New order growth also encouraged companies to expand their employment and purchasing activity midway through the final quarter of the year.
“Staffing levels increased for the twenty-second month running and at the fastest pace since August. Meanwhile, the rate of growth in purchasing activity was the steepest in four months. Similarly, inventories also expanded at a marked pace,” the report explained.
The report added that, purchase costs rose at a sharper pace as weakness of the Nigerian naira against the US dollar exacerbated rising raw material prices.
“Staff costs were also up, linked both to higher staffing levels and efforts to motivate workers by increasing wages.
“The passing on of higher input costs to customers meant that output prices also increased markedly,
L-R: Managing Director, First City Monument Bank (FCMB), Mrs. Yemisi Edun; Commissioner for Establishments, Training and Pensions, Lagos State, Mrs. Ajibola Ponnle; Second Vice President, Institute of Directors (IoD), Mr. Adetunji Oyebanji; President/Chairman of Council, IoD, Dr. (Mrs.) Ije Jidenma and Deputy Secretary-General, United Nations, Ms. Amina Mohammed, during the Annual Directors Conference held in Lagos recently. PHOTO: FCMB
Lagos
Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim Pantami said the level of technological advancement and datadriven solutions have shown us that digital innovation is no longer an option but an essential tool for reinvention and effectiveness that will benefit businesses, individuals, and nations.
The minister disclosed this while chairing the third edition of the CIO Awards, with the theme “Honouring Digital Eminence” in Lagos and organized by Edniesal Consulting Limited, an enterprise governance firm.
Pantami ably represented by the director-general of the National Identity Management Commission (NIMC), Engineer Aliyu Aziz said the award ceremony was a testimony that the contributions of those who have greatly shaped the industry, disrupted the ecosystem, and immensely added to the economy with their creative ideas and solutions will not go unnoticed.
According to him, the projects and initiatives of the Ministry of Communication and Digital Economy and its commitment to the digital transformation of Nigeria are being enabled through the National Digital Economy Policy and Strategy (NDEPS), whose focus is on the digital economy to drive other sectors in the economy, while facilitating the digitalization of all sectors in Nigeria.
“In essence, we need a digital government, a digital society, and also a digital economy for a digital transformation to improve the lives of our people and support stronger communities. The task at hand requires a nationwide coordinated effort.