By Nchetachi Chukwuajah
Stanbic IBTC Bank’s February Purchasing Managers’ Index (PMI) has indicated that cash shortages across Nigeria impacted the private sector, leading to sharp decline in business activity.
In a survey released on Wednesday, the bank noted that companies were also affected by fuel shortages, which added to price pressures and led to supplier delivery delays.
It added that the headline PMI dropped below the 50.0 no-change mark in February to 44.7 from 53.5 in January.
The survey noted that “Business conditions deteriorated markedly, ending a 31-month sequence of expansion. The decline in operating conditions was the sharpest since the survey began in January…
Source: Nigerian Tribune
