The Stanbic IBTC Bank Nigeria PMI fell to 52.5 in September of 2020 from 54.6 in the previous month, amid some moderation in the rates of expansion of output and new orders. Meanwhile, employment grew the most since February, which led to a series-record depletion in the amount of outstanding business. Also, purchasing activity went up and suppliers’ delivery times improved further amid reports of a lack of road congestion. On the price front, overall input price inflation remained sharp, linked to an increase in raw material costs and unfavourable exchange rates against the US dollar. Looking ahead, business sentiment hit a record low, as some firms reported difficulty planning for the year ahead.
Composite Pmi in Nigeria averaged 53.25 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 October of 2020. source: Markit Economics
Composite Pmi in Nigeria is expected to be 53.00 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 54.00 in 12 months time. In the long-term, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.00 points in 2021 and 56.00 points in 2022, according to our econometric models.