Connect with us

brand

Stanbic IBTC Bank Nigeria PMI®: PMI hits two-year high amid stronger output and new order growth

Published

on

The final month of 2021 revealed a robust expansion in Nigeria’s private sector with the PMI® improving to a 24-month high. Quicker uplifts in output and new orders as well as record inventory building were central to the improvement. Despite the surge in new orders, firms added to their headcounts at the softest pace for 11 months but were still able to keep backlogs at bay. Meanwhile, purchase cost inflation accelerated to a fresh series high, and for the fourth month running. Output price inflation followed suit, also quickening to a new survey peak in December. 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 56.4 in December, up from 55.0 in November, the latest expansion pointed to a robust overall improvement in business conditions. Moreover, the latest quarterly reading was at 55.2, the highest since the final quarter of 2019. A key driver of growth was the quickest rise in new orders for over two years. Firms mentioned fruitful marketing efforts and a general improvement in domestic and international demand. Subsequently, firms boosted output for the thirteenth month running, and at the quickest rate since August 2020. Subsector data revealed expansions across the board, although manufacturers recorded by far the strongest increase. Wholesale & retail, services and agriculture followed, respectively. Despite robust expansions in output, firms added to their headcounts at only a slight pace. Panel comments suggested that whilst sales had increased, firms were able to keep up with demand leading to a marked reduction in backlogs. Meanwhile, historically elevated rates of new order growth led firms to engage in stockpiling strategies during the month. In fact, inventories increased at the quickest rate in eight years of data collection. Buying levels also increased substantially, and at the fourth-most marked rate in the series. As for prices, purchase costs rose at a survey-record rate for the fourth month running. Higher raw material prices, fuel costs and unfavourable exchange rate movements drove the increase. Favourable demand conditions allowed for costs to be passed on to clients at a record rate in December. Finally, firms were optimistic for output growth in 2022 amid plans to broaden product offerings, increase advertisements and expand operations to new locations.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

brand

ZENITHBANKCHAMPIONSTRADEANDINVESTMENTAT6THCANADA-AFRICABUSINESS CONFERENCE

Published

on

  • ZenithBankPlcreaffirmeditscommitmenttoadvancingtrade,investmentandeconomiccooperation
    betweenCanadaandAfricaastheHeadlineConferenceSponsorofthe6thCanada-AfricaBusiness
    Conference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.
    OrganisedbytheCanada-AfricaChamberofBusiness,theconferencebroughttogetherahigh-level
    Canadian business delegation representing 31 companies, alongside senior government officials, business
    leaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthen
    commercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadian
    businesses seeking opportunities across the continent.
    The Canadian delegation comprised companies and institutions operating across financial services, security,
    mining andcritical minerals,legal andprofessional services, infrastructure, technology, healthcare, education
    and clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant and
    other leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.
    The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalf
    of the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timely
    platform for deepening commercial partnerships between Canada and Africa amid shifting global economic
    realities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing that
    thecontinent now possessestheinstitutions,policy frameworks andpartnershipsrequiredtoturn its immense
    potential into shared prosperity.
    “The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperity
    our people can feel. For the first time, the answer is yes, because of the machinery we are now building,” he
    said.
    RepresentingtheGovernorofLagosState,HisExcellencyMr.BabajideSanwo-Olu,thePermanent
    Secretary, Ministryof Commerce, Cooperatives, Trade andInvestment, Mr. Babatunde Onigbanjo,reaffirmed
    the State Government’s commitment to fostering an enabling environment for investment and international
    partnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.
    “Canada bringstothe tableconsiderable expertise,capital, innovation,and astrong traditionof institution
    building.Africa,andindeedLagos,offerscale.Weoffertalent,creativity,marketopportunitiesandan
    increasingly sophisticated business environment. Together, these strengths create a compelling foundation
    for transformative partnership,” he said.
    Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, noted
    thattheconferencereflectsthegrowingmomentuminbilateralcommercialcollaborationbetweenboth
    countries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade,
    education,culture,migration,andshareddemocraticvalues.Buttoday,Ibelieveweareenteringanew
    chapter: one that is more ambitious, more practical, and more human.”
  • TheChairoftheBoardoftheCanada-AfricaChamberofBusiness,PaulaCaldwellSt-Onge,highlighted
    Nigeria’sgrowing economic significance,saying: “Nigeria’s growth isnot theoretical.It is alreadybeing built by
    Nigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reaches
    across Africa and around the world.”
    She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank is
    not only oneof Africa’s leadingfinancial institutions, it isthe capital behindwhat you seehere today, and it
    represents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”
    Theconferencefeaturedhigh-levelpaneldiscussionsonCanada-Africacommercialrelations,investment
    opportunitiesacrossprioritysectors,andtheimplementationoftheAfricanContinentalFreeTrade Area
    (AfCFTA). The sessions brought together policymakers, business executives and industry experts to identify
    practicalpathwaysforstrengtheningcommercialpartnershipsandacceleratingsustainableeconomic
    development.
    The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment,
    while opening new opportunities for technology transfer, private sector collaboration, job creation and long-
    termeconomicgrowth.ItalsoreinforcesNigeria’spositionasastrategichubforbusinessesseekingto
    access opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role in
    regional and global trade.
Continue Reading

brand

HabariPay Launches Maiden “HabariPay Impact Report 2025”, Showcasing Its Journey, Business Evolution, and Contributions to Digital Payments

Published

on

HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), has unveiled its maiden HabariPay Impact Report 2025, providing stakeholders with a comprehensive account of the company’s evolution, innovation journey, business performance, and impact on the digital payments landscape.The report captures HabariPay’s transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers, highlighting the milestones, strategic decisions, and investments that have shaped its growth. It showcases the company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions.The HabariPay Impact Report 2025 also highlights the company’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions. The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.Speaking on the launch of the report, the Managing Director of HabariPay, Eduofon Japhet, said: “As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators. The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy.”She further added: “The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders. As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive.”The report also showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.Looking ahead, the publication outlines HabariPay’s vision for the future, including continued investment in payment infrastructure, merchant solutions, digital innovation, and intelligent technologies that will shape the future of financial services.
To access the HabariPay Impact Report 2025, please click the below: https://squadco.com/impact-report/About HabariPayHabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.

Continue Reading

brand

ZENITHBANKPARTNERSLAWMA,LASWATOCOMMEMORATEWORLDENVIRONMENT DAY 2026 WITH TWO-PHASE LAGOS CLEAN-UP

Published

on

Inlinewithitscommitmenttoenvironmentalsustainabilityandresponsiblebusinesspractices,
ZenithBankPlchascommemoratedthe2026WorldEnvironmentDaywithatwo-phase
environmental clean-up initiative in LagosState, held under theglobal theme “Inspired by Nature.
For Climate. For Our Future.”
The first phase was a morning clean-upconducted by staff of the Bank on Wednesday,3 June
2026, along Ajose Adeogun Street, Victoria Island, Lagos. The exercise mobilised employees to
clear waste, sensitise residents on proper disposal practices, and reinforce the Bank’s culture of
community service and environmental stewardship.
Thesecondphase,onThursday,4June2026,featuredawaterwaysclean-upattheFalomo
Waterways, Ikoyi, Lagos, executed in collaboration with the Lagos Waste Management Authority
(LAWMA)andtheLagosStateWaterwaysAuthority(LASWA).Thejointeffortfocusedon
removingmarinedebris,promotingcleanerwaterways,andsupportingtheState’sbroader
climate-resilience agenda.
Speakingontheinitiative,DameDr.AdaoraUmeoji,OON,GroupManagingDirector/CEOof
Zenith Bank Plc, said: “At Zenith Bank, sustainability is integral to how we operate. Clearing our
streetsandourwaterwaysisapracticalreminderthatprotectingtheenvironmentisashared
responsibility – and one we are proud to take up alongside LAWMA and LASWA. Through these
exercises, we aretaking deliberate action topreserve our communities,support climate action,
andinspireotherstoact.Ouroperationswillcontinuetoalignwithglobalenvironmental
standards as we build a more sustainable future for Nigeria and Africa.”
ZenithBankremainscommittedtoembeddingEnvironmental,SocialandGovernance(ESG)
principles across its operations, investing in green initiatives, energy efficiency, and community-
focused programmes. These efforts advance the United Nations Sustainable Development Goals
–particularlySDG7(AffordableandCleanEnergy),SDG11(SustainableCitiesand
Communities)andSDG13(ClimateAction).Sustainabilityremainsanoperationalimperative
across the Bank’s Nigerian base and its broader African, UK and European footprints
Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved