Overall, conditions in Nigeria remain challenging with little sign that the economy will exit recession over the coming months, that is according to London-based World Economics.
The new report released states that Africa’s largest economy sees its business confidence fall to lowest levels on record, in the fourth quarter of October to December.
Nigeria’s December Sales-Managers’ Index – measuring growth across the country, reveals a continuation of the recession gripping the economy since the new year started.
World Economics says business confidence reduces steadily for four years, and is now at the lowest level recorded in the survey’s history.
Nigeria’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.