Businesses see first contraction in 16 months as costs rise

Nigeria's business and economic activity experienced a downturn in April 2026, marking the first contraction in 16 months. This decline was reflected in the Purchasing Managers' Index (PMI), which fell below the threshold indicating expansion. Contributing factors include rising costs that have affected various sectors, leading to a decrease in overall economic performance. The contraction signals potential challenges ahead for businesses operating within the country.

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