The Stanbic IBTC Bank Nigeria PMI increased to 46.4 in June of 2020 from 40.7 in the previous month, amid loosening lockdown restrictions. Both output and new orders continued to fall although at a slower pace, linked to restrictions to prevent the spread of Covid-19, a lack of customers and insufficient funds to commit to new orders. Meanwhile, difficulties in paying staff led to a record fall in employment. Regarding prices, the rate of input inflation hit a new record for the third month running, amid reports of raw material shortages and currency weakness. The strong increase in purchase costs fed through to a steep rise in selling prices, with the rate of inflation little-changed from the record posted in May. Also, business sentiment hit the lowest in the survey's six-and-a-half year history.

Composite Pmi in Nigeria averaged 53.28 points from 2014 until 2020, reaching an all time high of 59.10 points in May of 2018 and a record low of 37.10 points in April of 2020. This page provides - Nigeria Composite Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. Stanbic IBTC Bank Nigeria PMI - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Markit Economics

Composite Pmi in Nigeria is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Composite Pmi in Nigeria to stand at 53.50 in 12 months time. In the long-term, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.20 points in 2021 and 55.40 points in 2022, according to our econometric models.

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Stanbic IBTC Bank Nigeria PMI

Actual Previous Highest Lowest Dates Unit Frequency
46.40 40.70 59.10 37.10 2014 - 2020 points Monthly


News Stream
Nigeria Private Sector Downturn Continues to Ease
The Stanbic IBTC Bank Nigeria PMI increased to 46.4 in June of 2020 from 40.7 in the previous month, amid loosening lockdown restrictions. Both output and new orders continued to fall although at a slower pace, linked to restrictions to prevent the spread of Covid-19, a lack of customers and insufficient funds to commit to new orders. Meanwhile, difficulties in paying staff led to a record fall in employment. Regarding prices, the rate of input inflation hit a new record for the third month running, amid reports of raw material shortages and currency weakness. The strong increase in purchase costs fed through to a steep rise in selling prices, with the rate of inflation little-changed from the record posted in May. Also, business sentiment hit the lowest in the survey's six-and-a-half year history.
2020-07-03
Nigeria Private Sector Activity Falls at Softer Pace in May
The Stanbic IBTC Bank Nigeria PMI rose to 40.7 in May of 2020 from a record low of 37.1 in the previous month. The rates of decline in output and new orders were only slightly softer than the unprecedented falls recorded in April, due to a loosening of lockdown restrictions but remaining considerable. Also, employment decreased only marginally, as many firms kept workforce numbers unchanged. Meantime, purchasing activity fell again while backlogs of work rose for a second month, with the rate of accumulation in outstanding business the sharpest since November 2018. In terms of prices, the rate of purchase cost inflation hit a record high for the second month running, linked to the scarcity of materials, currency weakness and higher costs relating to logistics. As a result, the rate of output price inflation accelerated to a new record high. Looking forward, business confidence dropped for the third straight month to the lowest since December of 2017.
2020-06-03
Nigeria Private Sector Shrinks at Record Pace in April
The Stanbic IBTC Bank Nigeria PMI crashed to 37.1 in April of 2020 from 53.8 in the previous month. The reading pointed to the steepest deterioration in business conditions in the country's private sector since the survey began in January 2014. Both output and new orders decreased at rates unprecedented in more than six years, due to the imposed lockdown to help limit the spread of the coronavirus. Employment was also scaled back, but only modestly, as the majority of firms opted to keep staffing levels stable. Moreover, purchasing activity decreased markedly, with fewer inputs needed during the lockdown. As a result, stocks of purchases fell at a record rate. On the price front, both input inflation and output charge inflation remained sharp overall, owing to difficulties in securing materials. Looking ahead, business confidence decreased, although firms on balance still expect activity to expand over the coming year, with a return to growth predicted once the pandemic eases.
2020-05-06
Nigeria Private Sector Activity Growth Nears 1-Year Low
The Stanbic IBTC Bank Nigeria PMI decreased to 53.8 in March of 2020 from 55 in the previous month, pointing to the slowest expansion since May of last year. The rates of growth in output, new orders and employment all softened, amid disruptions caused by the coronavirus disease. Exports orders fell sharply, and at the quickest pace since the survey began in January 2014. Regarding prices, overall input cost inflation accelerated to a 20-month high, amid a sharp rise in purchase costs, reflecting material shortages as a result of COVID-19, currency weakness and the recent increase in VAT. As a result, output prices were raised at the fastest pace since December 2016.
2020-04-03

Stanbic IBTC Bank Nigeria PMI
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index measures the performance of the private sector and is derived from a survey of 400 companies from agriculture, manufacturing, services, construction and retail. The Purchasing Managers’ Index is a composite index based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the private sector activity compared to the previous month; below 50 represents a contraction; while 50 indicates no change.