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Stanbic IBTC Bank Nigeria PMI: New Order Growth Quickens to 17-Month High in June

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2 years ago

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By Olushola Okunlade

June data revealed a positive end to the first half of 2021 with a solid expansion recorded in the Nigerian private sector. Greater client demand in both domestic and international markets led to a sharp and accelerated rise in new orders.

That said, output, purchasing and employment growth softened during the month. 

Meanwhile, firms reduced their backlogs at the second most marked rate in the series. Sentiment regarding output in the year ahead was weak in the context of the historical average, but firms continued to foresee a rise in output by June 2022.

On the price front, overall input price inflation was robust, but eased to the softest since December 2020 despite a sharper rise in purchase costs. 

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. At 53.6 in June, down from 54.4 in May, the headline PMI registered a solid rate of growth, but one which moderated from May’s nine-month peak. The latest uptick extended the period of expansion to 12 consecutive months, however. New order inflows rose strongly in June, with the pace of expansion quickening to the fastest since January 2020. Greater client demand was often mentioned by respondents. 

International demand for Nigerian goods and services also increased, and at the fourth-quickest rate in the series. Although client demand rose at a sharp and accelerated pace, output growth moderated in June. The rate of expansion was still solid but posted below the long-run series average. Sector data revealed services recorded the sharpest increase in activity followed by wholesale & retail and manufacturing respectively.

Agriculture meanwhile registered a fractional rise. To support higher output, firms engaged in buying activity with growth now seen in each month since July 2020. Inventories also rose at a similar pace, though the rate of expansion softened in both. 

Workforce numbers rose marginally in June, which coincided with only a slight rise in staff costs. Amid efforts to keep on top of outstanding business, backlogs fell at the second most marked rate in the series, surpassed only by that seen in February.

On the price front, higher raw material costs underpinned a rise in purchase prices which quickened to a three-month high. Overall input prices rose sharply, though at the softest rate since December 2020. Higher prices were passed on to clients, with the rate of charge inflation robust overall. 

Finally, firms remain optimistic about their output prospects over the year ahead, but the degree of positivity was far below the series average in June.

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Education

Wema Bank Organise Financial Literacy Programme For Students To Mark the 2023 Global Financial Literacy Day

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9 hours ago

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March 24, 2023

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Wema Bank Organise Financial Literacy Programme For Students To Mark the 2023 Global Financial Literacy Day
By Moninuola Sulaiman
Wema Bank Plc, Nigeria’s leading Innovative Financial Institution is championing financial literacy for the next generation by participating in Global Money Week to commemorate Financial Literacy Day on March 23, 2023.
In alignment with the theme “Plan your Money, plant your Future”, Wema Bank organized financial literacy sessions for secondary school students across all states where the Bank is represented. This is to instill an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.

Wema Bank Organise Financial Literacy Programme For Students To Mark the 2023 Global Financial Literacy Day

Students at a Financial Literacy Programme Organized by Wema Bank Plc to mark the 2023 Global Financial Literacy Day.

The Deputy Managing Director of Wema Bank, Mr. Wole Akinleye, led the Financial Literacy Session at Yola Model School, Adamawa State. The students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualization, investment, and donating for positive societal impact amongst others. He further encouraged the students on the importance of developing financial literacy as a life skill.
Speaking on the significance of Financial Literacy Week, Mr. Akinleye emphasized Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions. In his words, “Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability.”
Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals. Wema Bank Plc is committed to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.

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Money Market

More Naira Notes As Banks Get Old Notes Deposited With CBN Today

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1 day ago

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March 23, 2023

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More Naira Notes As Banks Get Old Notes Deposited With CBN Today

Written by Rashidat Olushola Okunlade

Following several complaints about the scarcity of old and new naira notes in Nigeria.

Reliable sources in the Central Bank of Nigeria (CBN) said banks have been instructed to collect the old Naira noted they deposited in CBN and that before the end of the week, the country would be awash with Naira notes.

Recalled on October 26, 2022, the Governor of the Central Bank of Nigeria, Godwin Emefiele, announced the introduction of new N200, N500, and N1000 notes.

Mr. Emefiele said that the decision would address cases of kidnapping, terrorism, and other financial crimes.

However, since the policy took effect, the scarcity of both the old and new naira notes has affected a lot of businesses in the country.

The situation further worsened the problems being faced by traders in the market, especially due to the challenges of inadequate storage facilities that lead to post-harvest losses.

 

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Money Market

FirstBank Calls For Application To 3rd Edition Of FirstBank Management Associate Programme FMAP

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2 days ago

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March 23, 2023

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By Moninuola Sulaiman

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced the call for participation in the third season of its FirstBank Management Associate Programme (FMAP).

 

Interested participants are required to submit their application via https://hdbc.fa.em2.oraclecloud.com/hcmUI/CandidateExperience/en/sites/CX.

 

The application is extended to the general public as it closes on 24 March 2023.

 

The FirstBank Management Associate Programme (FMAP) is a 24-month fast-track comprehensive program targeted at young, dynamic, and highly driven individuals that are passionate about making a difference in the financial services industry. The program is designed to build the next generation of leaders to drive the Bank’s vision of being Africa’s Bank of First choice.

 

FMAP equips participants with an extensive wealth of experience comprised of both classroom and real-life work that affords an insightful and balanced insight into the world of work. The program is targeted at hi-potential young professionals who possess acute thinking skills, financial and methodical skills, and a distinctive ability to communicate effectively and synthesize ideas, information, and data to aid decision-making.

 

Speaking on the FMAP Season III, Olumuyiwa Olulaja, Group Head, Human Capital Management and Development, said “since its inauguration in half a decade, we are delighted with the giant strides and impact the initiative has had in promoting the career development of emerging talents in the financial services industry as they are instilled with the tenets and ethics of the banking industry in line with global best practice.

 

The FMAP initiative is amongst the many ways we reinvest in our human capital as we build the next generation of leaders through their exposure to various opportunities essential to preparing their readiness for the future.

 

Since its launch in 2018, FirstBank has successfully trained and onboarded up to fifty talented individuals in 2 editions (2020 and 2022), who have all been deployed into strategic roles in the Bank and making a difference in the organization, while we continue to support their leadership growth and development.

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