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PMI accelerates to 58.8 in March, from 56.0



  • Inflows of new orders grow at record pace
  • Unprecedented job creation as firms look to increase output capacity

Stanbic IBTC Bank Nigeria PMI

Private sector business conditions in Nigeria improved at an unparalleled rate in March, led by record growth in new orders, employment and stocks of purchases. Panel respondents frequently noted an upturn in demand across the domestic market, whilst new export orders also returned to growth in the latest survey. Price pressures sharpened in March, with both input and output charge inflation registering above their respective long-run averages.

The headline figure derived from the survey is the 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.


Commenting on March’s survey findings, Ayomide Mejabi, Economist at Stanbic IBTC Bank said:

“In March, the Stanbic IBTC Bank PMI hit a new record. The reading rose to 58.8 from 56.0 in Feb and 53.0 in Mar 17 due to a combinatoion of substantial increases in new orders and consequently a rise in output levels. The positive momentum was broad based as it also resulted in an increase in employment levels as that sub-index rose at a record pace to 56.1 from 54.0 in Feb and 50.1 a year ago. This rise in employment appeared to be in response to the increase in new orders. Furthermore, the availaibility of FX coupled with declining inflation expectations should continue supporting Nigeria’s economy. The output prices PMI corroborates our benign inflation outlook as it rose at a moderate pace, from 53.9 in Feb to 54.2 in March. We still expect headline inflation to moderate to the 13.0% handle by the end of the year, despite marginal upward pressure which the increase in excise duties on alcoholic beverages and tobacco will exert. This category accounts for only 1% of the inflation basket. ” 




The main findings of the March survey were as follows:

At 58.8, up from 56.0 in February, the figure accelerated to a record high in March, signalling the fastest improvement in business conditions since the survey began in January 2014. Furthermore, the first quarter of 2018 indicated the strongest quarterly expansion on record.

Inflows of new business received by private sector firms was a key component of the latest expansion. The rate of growth was unprecedented in March, with many firms reporting a strong upturn in domestic economic conditions. New order books have been improving continuously since the start of 2017. Meanwhile foreign demand returned to expansion in the latest survey.

In response to record inflows of new orders, firms increased output at a sharp rate. The rate of expansion was strong overall and the third-fastest since the survey’s inception.

Reflecting the increase in output requirements, firms hired additional staff at a record pace in March. Job creation has been recorded in every month since May last year. Despite the increase in staff numbers, inflows of new orders outpaced output capacity, as indicated by a solid increase in backlogs of work in the latest survey.

In terms of inflation, average cost burdens increased at a historically elevated pace in March. The rate of input inflation was the fastest recorded for 49 months and was comprised of both rising staff costs and higher raw material prices.

Output charge inflation remained marked in the latest survey, although still well below the highs registered in 2016. According to anecdotal evidence, some firms increased selling prices to increase profit margins.

Buying activity also increased at a record rate in March. Firms increased input purchasing in anticipation of an expected upturn in demand, alongside the current strong level of new orders. Reflecting input buying growth, stocks of purchases accumulated at an unparalleled rate. Despite increasing demand for inputs, supplier delivery times improved to a record extent.








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Correcting the Lies in Dr. Olisa Agbakoba’s Assertions By Kingsley Ariamaodo



Correcting the Lies in Dr. Olisa Agbakoba’s Assertions By Kingsley Ariamaodo

Correcting the Lies in Dr. Olisa Agbakoba’s Assertions
By Kingsley Ariamaodo



Eminent lawyer and Senior Advocate of Nigeria, Dr. Olisa Agbakoba, has lately been calling for the repeal of the Petroleum Industry Act 2021 which is within his rights as a citizen. But in doing so, he has been making some assertions regarding the status and operations of the NNPC Ltd that are not quite true.


Correcting the Lies in Dr. Olisa Agbakoba’s Assertions
By Kingsley Ariamaodo

This is not an attempt to join issues with him. It is just to set the records straight, knowing that when falsehood is left unchallenged, it is accepted as the truth.
One of the key reasons he claims to be calling for the repeal of the PIA is that under it, NNPC Ltd is playing the roles of an operator and a regulator. When pressed to be specific on the regulatory roles being performed by the NNPC Ltd, he listed “fixing prices of petroleum products” and “acting as sole importer of petroleum products”.




The truth, however, is that the PIA does not have any provision that makes NNPC Ltd a regulator in the oil and gas industry. The PIA specifically provides for the establishment of two regulators in the industry. They are: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
One of the objectives of the reforms that the PIA was designed to bring about was the scrapping of the dual roles of operator and regulator played by the NNPC as a government Corporation. Since the PIA came into force in 2021 and the consequent transition of NNPC into a limited liability company that operates under the Companies and Allied Matters Act in 2022, the Company has ceased to take on any regulatory role in strict compliance with the law.
Contrary to the learned Senior Advocate’s claim that NNPC Ltd fixes prices of petroleum products, the Company does not fix prices. In fact, no agency or entity unilaterally fixes prices of petroleum product as the PIA in Sections 205, 206 and 207 provides for a deregulated market which is currently in operation in the Downstream Sector. Under the deregulated market, every marketer is allowed to determine the price of its products as it deems fit, taking market forces into consideration. Based on this principle, NNPC Ltd through its Downstream subsidiary,



NNPC Retail Ltd, fixes the prices of its products. It does not fix prices for the entire market as other marketers are at liberty to set their own prices based on market realities. This is the reason NNPC Retail stations in Abuja sell Premium Motor Spirit (PMS) at N617 per litre while other marketers sell at various prices. Similar conditions prevail across the country with different marketers selling petroleum products at different prices. If the sector was still regulated, it would be the duty of the NMDPRA to fix prices and not NNPC Ltd as a player in the industry.




On the claim that NNPC Ltd is the sole importer of petroleum products, this is also not true. Other marketers import AGO and ATK (diesel and aviation fuel). The reason they are not able to engage in the importation of PMS has to do with foreign exchange issues. But the PIA, apparently envisaging situations like this, provides that NNPC Ltd should serve as a supplier of last resort to guarantee energy security. This is very explicit in Section 64 of the PIA. That is the reason NNPC Ltd is currently the sole importer of PMS (not all petroleum products), and that does not in any way make it a regulator.
NNPC Ltd has since moved on to assume its statutory role as a commercial operator in the entire value chain of the energy industry. It has further sealed its status as a commercial operator with declaration of ₦2.52 trillion and ₦674 billion profit after tax in 2021 and 2022 respectively.



We believe that even if other members of the public, out of ignorance, still see NNPC Ltd as a regulator based on its previous operations pre-PIA, it should not be a learned silk like Dr. Agbakoba who should be familiar with the law.

Mr. Ariamaodo, writes in from Abuja.

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Adron Is The Biggest: A Growing Initiative In Nigeria’s Real Estate Market



Adron Is The Biggest: A Growing Initiative In Nigeria’s Real Estate Market

Adron Is The Biggest: A Growing Initiative In Nigeria’s Real Estate Market


Pioneering affordable housing solutions in Nigeria, Adron Homes and Properties remains a leading name in the real estate sector. Since its inception in 2012, Adron Homes has consistently redefined the real estate landscape, achieving significant milestones and breaking barriers that have set new benchmarks in the industry. Through its innovative approach, the company has become synonymous with quality, reliability, and customer satisfaction.


Adron Is The Biggest: A Growing Initiative In Nigeria’s Real Estate Market

Having built a strong foundation of exceptional service, the organization has not only achieved unparalleled growth but also made significant progress and created a reputable name for itself. This is evident in its groundbreaking estates and modern architectural designs imbibed by the real estate company. Adron Homes has transformed the concept of affordable housing, ensuring that quality is not compromised while making homeownership dreams a reality for many Nigerians.



With over 48 estates, strategically positioned in about 9 states with numerous locations across Nigeria, Adron Homes has upheld its 2024 mantra of being the biggest and hopes to set a record as the most successful real estate developer in Nigeria. These estates are designed with the residents’ comfort and convenience in mind, offering a range of amenities that cater to their needs. Each estate is a testament to the company’s dedication to creating sustainable and livable communities.

Fueled by hard work, with a commitment to excellence and innovation, the organization is well acquainted with the concept of quality and reliability. Adron Homes’ growth can be attributed to its unwavering dedication to maintaining high standards and constantly improving its offerings. The company’s focus on customer satisfaction has earned it a loyal clientele and numerous accolades in the real estate industry.

Through strategic initiatives such as their 10/10 Vidco plot series offer and a customer-centric approach, Adron Homes continues to expand its footprint across Nigeria, delivering services and products that exceed market expectations and set the pace for other real estate developers. The 10/10 Vidco plot series is an innovative scheme that allows customers to own plots of land with flexible payment options, making it easier for more people to invest in real estate.

Adron Homes understands the importance of accessibility and affordability in real estate. By offering flexible payment plans and various promotional offers, the company ensures that homeownership is within reach for a broader segment of the population. This inclusive approach has not only boosted Adron Homes’ market presence but also strengthened its reputation as a customer-friendly and socially responsible organization.
The “Adron Is The Biggest” initiative underscores the company’s dedication to pushing boundaries and setting new standards of excellence in real estate development. This initiative is not just a slogan; it represents Adron’s commitment to continuous improvement and innovation. By leveraging cutting-edge technology and adopting best practices, Adron Homes is redefining the real estate landscape in Nigeria.

The real estate company’s unwavering commitment to delivering superior developments and creating lasting value for all clients and stakeholders is evident in every project it undertakes. The company’s estates are designed with modern architectural aesthetics and functionality, ensuring that they meet the highest standards of quality and sustainability. Adron Homes invests in the latest construction technologies and materials, ensuring durability and efficiency in all its developments.

Adron Homes takes pride in offering a wide range of amenities that enhance the living experience of its residents. These amenities are designed to cater to various needs and preferences, making Adron estates desirable places to live. Here are some of the key amenities available in Adron Homes estates:
1.     Recreational Facilities: Modern gyms, swimming pools, and sports complexes for fitness and leisure activities. These facilities provide residents with opportunities to maintain an active and healthy lifestyle.
2.     Green Spaces: Beautifully landscaped gardens and parks that provide a serene environment for relaxation. These green spaces offer residents a peaceful retreat from the hustle and bustle of city life, promoting mental well-being and community bonding.
3.     Security: 24/7 security services, CCTV surveillance, and gated communities ensuring the safety of residents. Adron Homes prioritizes the safety and security of its residents, implementing robust security measures to create a secure living environment.
4.     Educational Institutions: Proximity to quality schools and educational centers. Adron estates are strategically located near reputable educational institutions, making them ideal for families with school-going children.
5.     Healthcare Facilities: Access to top-notch healthcare services and hospitals. Residents have peace of mind knowing that quality healthcare services are within reach in case of emergencies.
6.     Shopping Centers: Convenient shopping malls and retail outlets within the estates. These shopping centers provide residents with easy access to essential goods and services, enhancing their convenience and quality of life.
7.     Infrastructure: Well-paved roads, reliable electricity, and efficient water supply systems. Adron Homes ensures that its estates are equipped with the necessary infrastructure to support a comfortable and modern lifestyle.
8.     Community Centers: Spaces for social gatherings, events, and community activities. These centers foster a sense of community and belonging among residents, encouraging social interaction and engagement.

Moreso, Adron Homes has several upcoming projects that promise to redefine urban living and affordable housing spaces across Nigeria. One such project is the Snowfall Park and Gardens in Jos, Atlantic Park and Gardens in Sagamu, and Moscow Parks and Gardens in Ibadan which is set to become a landmark development in the respective regions. This project will feature state-of-the-art amenities and innovative design concepts, further solidifying Adron Homes’ position as a leader in the real estate industry.

Adron Homes’ expansion plans are driven by its vision of providing quality housing solutions to a larger population. By entering new markets and exploring untapped opportunities, the company aims to extend its reach and impact more lives. Adron Homes’ growth strategy is centered on sustainability and community development, ensuring that its projects contribute positively to the socio-economic landscape of Nigeria.

It is worthy to say, that Adron Homes and Properties has established itself as a formidable force in the Nigerian real estate sector. Through its commitment to excellence, innovation, and customer satisfaction, the company has achieved remarkable success and set new standards in the industry. The “Adron Is The Biggest” initiative is a testament to the company’s dedication to growth and excellence.

With a strong focus on quality, reliability, and community development, Adron Homes continues to lead the way in providing affordable and sustainable housing solutions. As the company embarks on new projects and expands its reach, it remains steadfast in its mission to create lasting value for its clients and stakeholders. Adron Homes is not just building houses; it is building communities, fostering growth, and shaping the future of real estate in Nigeria.

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Empowering Philanthropic Youth: Making a Difference in the World





Dear Tijani Olumide,

In a world full of challenges, your commitment to making a positive impact is truly inspiring. Your desire to create meaningful change and improve the lives of others is a testament to your compassion and drive. As a young philanthropist, you have the power to shape the future and leave a lasting legacy. This article aims to encourage you to continue your philanthropic journey and explore new ways to make a difference.

Understanding the Power of Philanthropy:

Philanthropy goes beyond monetary contributions; it embodies a mindset of empathy, compassion, and action. By engaging in philanthropic endeavors, you have the ability to address societal issues, support causes close to your heart, and uplift communities in need. Your actions, no matter how small, can create a ripple effect of positive change and inspire others to follow in your footsteps.

Leveraging Your Youth and Energy:

Being a young philanthropist gives you a unique advantage. Your fresh perspective, innovative ideas, and boundless energy can breathe new life into traditional approaches to philanthropy. Embrace your youth as a strength and use it to challenge the status quo, finding creative solutions to complex problems. Your enthusiasm will inspire others to join your cause and contribute to a better future.


Nurturing Lifelong Learning:

Philanthropy is a journey of continuous learning and personal growth. As a philanthropist youth, it is essential to invest in your own education and development. Explore diverse causes, engage with local communities, and seek opportunities to expand your knowledge through workshops, conferences, and mentorship programs. By broadening your understanding of social issues, you can become a more effective advocate and catalyst for change.

Collaboration and Networking:

Collaboration is key to amplifying your impact. Connect with like-minded individuals, organizations, and fellow philanthropists who share your passion for creating positive change. Collaborative efforts enable you to leverage collective resources, expertise, and networks, leading to more significant and sustainable outcomes. By building strong relationships, you can create a network of support and inspiration that will fuel your philanthropic endeavors.

Embracing Technology for Good:

In today’s digital age, technology offers unprecedented opportunities to drive social change. Explore innovative platforms, crowdfunding websites, and social media channels to amplify your message and reach a broader audience. Embrace emerging technologies such as artificial intelligence and blockchain for social good initiatives. By harnessing the power of technology, you can scale your impact and inspire others to join your cause.

Dear Tijani Olumide, your dedication to making a difference is commendable. By continuing to embrace philanthropy, nurturing lifelong learning, collaborating with others, and harnessing the power of technology, you have the potential to create lasting change in the world. Remember, every action, no matter how small, has the power to make a significant impact. Keep inspiring others through your passion, kindness, and unwavering commitment to building a better future. The world needs more young philanthropists like you.

Together, let us shape a world where compassion and generosity thrive.

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