Business
Stanbic IBTC Bank Nigeria PMI® Downturn deepens in March
Stanbic IBTC Bank Nigeria PMI® Downturn deepens in March
The cash crisis in Nigeria continued to have a severe impact on business conditions in the private sector during March. In fact, output and new orders fell more quickly than in February, while staffing levels and purchasing activity were scaled back again. While input costs and output prices continued to rise sharply, rates of inflation softened. Output prices increased at the softest pace in almost three years. Meanwhile, suppliers’ delivery times shortened after having lengthened in February. The headline figure derived from the survey is the Stanbic IBTC Bank Purchasing Managers’ Index™ (PMI®).
Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration. The headline PMI posted 42.3 in March from 44.7 in February, moving further below the 50.0 no-change mark and signaling a sharper deterioration in business conditions in the Nigerian private sector. The decline was the most pronounced since the survey began in January 2014, apart from at the time of the outbreak of the COVID-19 pandemic in 2020.
As was the case in February, there were widespread reports from companies that customers were unable to commit to spending given cash shortages. This led to a substantial decline in new business, with the pace of contraction more pronounced than in the previous survey period. The same picture was seen with regard to business activity, which decreased at a rate only exceeded in April and May 2020.
All four broad sectors posted reductions in activity at the end of the first quarter. Companies reduced staffing levels slightly for the second month running, in part reflecting lower workloads but also due to difficulties paying wages. Lower workforce numbers limited the pace of staff cost inflation, which eased to a marginal rate that was the slowest since January 2021.
Stanbic IBTC Bank Purchasing activity was also scaled back, falling at the fastest pace since May 2020. In turn, inventory holdings also decreased. Inflationary pressures eased in March. The pace at which purchase costs increased was the slowest in just under three years but remained sharp and faster than any seen prior to the pandemic. The same picture was seen with regard to output prices, which rose at the slowest pace since April 2020. Suppliers’ delivery times shortened in March, following the first lengthening in more than five years during February.
Suppliers’ delivery times shortened in March, following the first lengthening in more than five years during February. Quicker deliveries reportedly reflected competition among suppliers. The cash crisis acted to dampen confidence in the private sector in March, with sentiment the second[1]lowest in the series’ history. Where output was predicted to rise, panelists linked this to investment intentions and business expansion plans.
Business
The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park
The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park
Excitedly, the Purple Blossom Dental Studio has officially reopened its doors in Moreleta Park, Pretoria, bringing advanced dental care and technology to the heart of the community. The studio, known for its dedication to providing top-tier service, has undergone a major upgrade, ensuring patients receive the highest standard of care in a serene and comfortable environment.
The studio caters to patients of all ages, offering a range of services from routine check-ups to specialized treatments. Whether you’re looking to maintain your oral health or seeking cosmetic dental work, the team at The Purple Blossom Dental Studio is committed to helping you smile with confidence.
“We are thrilled to be back and better than ever,” said the spokesperson for The Purple Blossom Dental Studio. “Our goal is to provide every patient with exceptional dental care using the latest technology and techniques, all while ensuring a relaxing and welcoming atmosphere.”
The studio invites new and returning patients to schedule their appointments and experience the difference that modern dental care can make. The clinic’s professional team is eager to meet the needs of the local community, and they emphasize that healthy, beautiful smiles are their top priority.
Location:
The Purple Blossom Dental Studio
1277 De Villebois Mareuil Drive
Moreleta Park, Pretoria
For Appointments:
Call 012 997 2040
This marks a significant milestone for The Purple Blossom Dental Studio, as it continues to expand its reach and elevate the dental care experience in Pretoria.
https://g.co/kgs/rJr1etX
-
Business5 months agoComprehensive Media Audit Shows Flutterwave, MTN Nigeria, and Bolt Outpacing Competitors in Media Engagement
-
Politics6 months agoTogether we can make Ewekoro a better local government’ — Sikiru Adesina Urges Party Leaders, Co-contestants
-
celebrity radar - gossips6 months agoHow Deji Adeyanju Secured The Release Of Speed Darlington
-
Entertainment4 months agoAliu Gafar delivers stellar performance as Esusu in Femi Adebayo’s Seven Doors