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.