What do you believe is the single most important factor driving up the cost of living in Nigeria?

The business environment has registered an eighth successive monthly improvement in suppliers’ delivery time, aiding companies in to build safety stocks.

The Stanbic Bank Purchasing Managers’ Index indicates that despite higher purchase costs, firms raised their input buying in July, as pre-production inventories also grew amid efforts to stockpile materials.

This was supported by an increase in new orders and greater client demand, which saw new orders grow for the fourth month at the start of the third quarter, while upturn was widespread across all five monitored sectors, with firms linking the expansion to new client wins.

However, in July there was a further intensification of cost pressures with input prices rising again for both purchase and staff due to increased costs on foodstuff, utility, rent, paper, and timber, and an uptick in wage bills.

Industry was the only sector to record a decrease in wage bills.

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