Nigeria Cash Crisis Ends 31-Months of Growth in Business Activity
- Purchasing Managers’ Index at worst level since pandemic
- Slump adds to issues President-elect Tinubu needs to address
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Nigeria’s private-sector activity contracted for the first time in almost three years as companies reduced output and cut jobs because of cash and fuel shortages, adding to the list of issues President-elect Bola Tinubu will need to address.
The Purchasing Managers’ Index compiled by S&P Global, which measures the performance of the private-sector economy, fell to 44.7 in February from 53.5 the month before. It’s the worst reading since the height of the coronavirus pandemic in June 2020.