Sales Managers Index: Nigeria Continues To Drop

Sales Managers IndexNigeria’s inflationary pressures intensified in the month of March, pushing all five parameters of the Sales Managers Index to a 12-month low.

A new set of data released on Monday by the London-based World Economics shows Nigeria’s Business Confidence Index down for the seventh consecutive month, reaching the lowest level in a year.

Businesses in the survey commented on poor consumer demand, rising unemployment, high inflation, lower oil prices and difficult exchange rate conditions.

The Market Growth Index measured by the report also shows fifth consecutive decline and the lowest since March 2015.

The Product Sales Index falls first time in 12 months as managers point to general rise in prices charged for products and services.

At the employment level in the first quarter of 2016, the staffing index fell below the 50.0 no-change mark for the first time, as companies comment on staff rationing as part of cost-cutting measures at lower level of employment.

Analyst Calls For More Investment To Prevent BCI Dropping

bciThe Lagos Chamber of Commerce and Industry in its 3rd quarter 2014 Business Confidence Index (BCI) indicated that the index dropped from 19.4% in q2-2014 to 14.3%.

Representing a 5.1% point slack of the confidence level among business operators over the last three months.

The Director of Research and Advocacy of the Lagos Chamber of Commerce and Industry, Mr Vincent Nwanni, who was on Business Morning to analyse the report, says the drop of the BCI scores at this time suggests that business leaders are largely pessimistic about expanding their investment over the next few months.

BCI is a leading economic indicator designed to measure the degree of optimism on the state of the economy that business leaders are expressing through their activities of investing and spending.