Tinubu's Economic Reforms Lead to Falling Business Confidence, Rising Inflation, and Naira Devaluation in Nigeria

Nigeria's Purchasing Managers' Index (PMI) declined from 54.0 in April 2023 to 50.2 in August 2023 after President Tinubu's reforms.

Inflation rose from 22.41% in May to 25.8% in August, an 18-year high, largely due to Tinubu's economic reforms.

The Naira was devalued from 460 Naira per USD to 785 Naira per USD after currency unification, hurting businesses.

Top Nigerian companies like GTCO, UBA, and Dangote Cement still reported billions in profits in 2023 so far.

A survey of 400 businesses across sectors contributes to the monthly PMI readings on business conditions.

Lower PMIs were recorded before Tinubu, 42.3 in March 2023 and 44.7 in February.