Connect with us

Business

Stanbic IBTC Bank Nigeria PMI® Downturn deepens in March

Published

on

Stanbic IBTC Bank Nigeria PMI®: Softest rise in selling prices for a year

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®).

 

Stanbic IBTC Bank Nigeria PMI® Downturn deepens in March

 

 

 

 

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

Energy sector: Plot to discredit heads of regulatory agencies uncovered

Published

on

**Energy sector: Plot to discredit heads of regulatory agencies uncovered

There is a subtle plot by some individuals, acting in cahoots with some members of the House of Representatives, to discredit heads of regulatory agencies in the energy sector.

This newspaper reports that the motive of the scheme is to put the heads of the agencies under intense pressure, distract them from performing their duties and thus set set the stage for their sack on grounds of non-performance.

Available information said that the plot was orchestrated by a member of the House from the South who has become infamous for blackmail, intimidating and manipulating agencies in the guise of oversight responsibility.

He has been leading his committee members by the nose in the grand conspiratorial alliance to extort money from the agencies of government in furtherance of some selfish agenda.

This newspaper reports that there have been some mutterings by some of the commiitee members who have realised that the actions of their chairman are far from being motivated or inspired by patriotism.

Some members are pissed off with the committee chairnan’s reported boast about his ability to sway them with “just a few dollars.”

Meanwhile, reports have confirmed that the committee chair has been trying to “double deal” and has, in the process, come under intense rebuke by the regulators.

This newspaper quoted a source to have said that “evidence has been recorded’.

However, This newspaper had yet to get a copy of the recorded evidence as of the time of publication.

Continue Reading

Business

Dangote, NNPC Spat: Shareholders Condemn Demarketing of Dangote Refinery

Published

on

Dangote: NANS Write President Tinubu Over mismanagement Of CTIN Funds (Video)

Dangote, NNPC Spat: Shareholders Condemn Demarketing of Dangote Refinery

 

 

 

Shareholders have strongly defended Africa’s foremost industrialist, Aliko Dangote over the on-going petroleum product supply controversies, while criticising the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for deliberate attempt at demarketing Dangote Petroleum Refinery & Petrochemicals.

 

 

The shareholders under the aegis of Pragmatic Shareholders Association of Nigeria (PSAN) in a statement signed by its National Coordinator, Mrs. Bisi Bakare, expressed dismay over the recent allegations from the petroleum regulatory agency regarding the quality of diesel produced by Dangote Petroleum Refinery.

The NMDPRA boss Farouk Ahmed has faced the backlash after suggesting that the diesel produced by the $20 billion Dangote refinery is of inferior quality compared to imports into the country.

Bakare commended Dangote for his visionary approach in establishing one of the world’s largest refineries in Nigeria. She highlighted Dangote’s commitment to national development, stressing his patriotism and resolute character through substantial investments like the refinery.

“Dangote has ensured that the bulk of his business investments are local, contributing significantly to economic development through tax payments, extensive job creation, and consistent returns for shareholders,” she added.

The shareholders group strongly condemned what they termed as “unwarranted efforts to demarket the refinery” by regulatory bodies. They cautioned that such actions could deter both local and international investors and undermine government efforts to stabilise fuel prices and ensure availability.

“We must rally around Dangote Refinery,” Mrs. Bakare urged, “to provide crucial support such as crude oil allocation, cooperation from international oil companies, and regulatory agency collaboration.” She stressed the refinery’s potential to save Nigeria over 30% in foreign exchange currently spent on offshore refining, which could significantly alleviate the country’s foreign exchange challenges.

“As shareholders,” Mrs. Bakare affirmed, “we remain steadfast in our support of Alhaji Aliko Dangote’s vision to bolster the nation’s economy and create more opportunities for our citizens.”

PSAN is the latest to join the growing list of Nigerians rallying support for Dangote in the ongoing standoff. Prominent figures and associations such as the President of the African Development Bank Group (AfDB), Akinwumi Adesina; billionaire businessman, Femi Otedola; federal lawmakers; former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar; former Anambra state governor and 2023 Labour Party presidential candidate, Peter Obi; Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria have all voiced their support for Dangote Refinery.

Continue Reading

Bank

EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

Published

on

EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

FirstBank, the West African premier financial institution and financial inclusion services provider announces its continuous VISA Cross Border and Summer campaign in partnership with VISA. The campaign, which commenced on 1 April 2024, is set to run until 31 August 2024 as a rewarding initiative for existing VISA Gold and VISA Infinite cardholders and prospective customers.

 

 

 

Throughout the campaign, 502 lucky Visa Infinite and Visa Gold cardholders will win $50 gift vouchers. 2 cardholders will enjoy an all-expense-paid trip for two to the Olympic Games in Paris, France. The promo offers an excellent opportunity for cardholders to enjoy the premium benefits of using their FirstBank VISA cards while standing a chance to win fantastic rewards.

 

EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

 

To qualify for this exciting offer, Visa Infinite and Visa Gold cardholders must spend $500 and above in at least six transactions during the campaign period.

 

 

Speaking on the promo Chuma Ezirim, the Group Executive E-Business and Retail Products, FirstBank said, “We are excited to reward our loyal customers and users of FirstBank Visa Infinite and Visa Gold cards, whilst also welcoming new customers through this campaign. This promo underscores our commitment to reward our customers with innovative and impactful offerings designed to enhance their banking experience.

“We appreciate Visa for the partnership as we deliver value and create memorable experiences for our customers.”

The FirstBank Visa Gold card is an international premium credit card issued in partnership with Visa International. It is a US Dollar-denominated card secured by chip and PIN technology, ensuring both convenience and security for users.

On the other hand, the FirstBank Visa Infinite card is the pinnacle of the Visa card range, targeted at High-Net-Worth Individuals. This card offers an extraordinary selection of exclusive travel, dining, shopping, and lifestyle opportunities, providing unparalleled benefits to its holders.

 

Continue Reading

Cover Of The Week

Trending