The Stanbic IBTC Bank Nigeria PMI rose to 53.8 in April 2022 from an over two-year low of 42.3 in the prior month. The latest reading pointed to a renewed expansion in the country's private sector, after two consecutive months of declines. Both new business and output increased sharply amid an easing of the cash crisis which has severely affected the economy in recent months. Rebounds in activity were seen across each of the agriculture, manufacturing, services and wholesale & retail sectors. Meanwhile, employment fell slightly as companies remained cautious in hiring. On the price front, input costs picked up faster, but further efforts to attract customers led firms to increase their selling prices at the softest pace for three years. Finally, business sentiment remained subdued in April, despite a slight pick-up from March. source: Markit Economics

Composite PMI in Nigeria averaged 53.15 points from 2014 until 2023, 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 June of 2023.

Composite PMI in Nigeria is expected to be 52.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.40 points in 2024 and 56.00 points in 2025, according to our econometric models.

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Stanbic IBTC Bank Nigeria PMI



Related Last Previous Unit Reference
Composite PMI 53.80 42.30 points Apr 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
53.80 42.30 59.10 37.10 2014 - 2023 points Monthly

News Stream
Nigeria Private Sector Rebounds in April
The Stanbic IBTC Bank Nigeria PMI rose to 53.8 in April 2022 from an over two-year low of 42.3 in the prior month. The latest reading pointed to a renewed expansion in the country's private sector, after two consecutive months of declines. Both new business and output increased sharply amid an easing of the cash crisis which has severely affected the economy in recent months. Rebounds in activity were seen across each of the agriculture, manufacturing, services and wholesale & retail sectors. Meanwhile, employment fell slightly as companies remained cautious in hiring. On the price front, input costs picked up faster, but further efforts to attract customers led firms to increase their selling prices at the softest pace for three years. Finally, business sentiment remained subdued in April, despite a slight pick-up from March.
2023-05-02
Nigeria Private Sector Downturn Deepens in March
The Stanbic IBTC Bank Nigeria PMI slipped further to 42.3 in March of 2023, from 44.7 in the prior month, the second consecutive contraction in private sector business conditions in over two years. Output and new orders fell more quickly than in February, while staffing levels and purchasing activity were scaled back again, amid the ongoing cash crisis. Meanwhile, suppliers' delivery times shortened in March, following the first lengthening in more than five years during February. On the price front, input costs and output prices continued to rise sharply, but rates of inflation softened. Looking forward, business sentiment was the second-lowest in the series' history.
2023-04-03
Nigeria Private Sector Contracts in February
The Stanbic IBTC Bank Nigeria PMI sank to 44.7 in February of 2023, from 53.5 in the prior month. The latest reading pointed to the first contraction in private sector business conditions in over two years, ending a 31-month sequence of expansion. Steep reductions in output and new orders were observed, attributed to the cash shortage challenges experienced across the country during the month. Consequently, firms scaled back their purchasing activity and employment. Meanwhile, persistent fuel shortages saw petrol pump prices increase, which added to price pressures and led to supplier delivery delays. The rate of input inflation was the softest since June 2020, but marked and stronger than the series average. In turn, there was a further sharp rise in output prices, albeit one that was the weakest in four months. Lastly, business sentiment was at a five-month high, supported by hopes that economic conditions will improve, alongside business expansion and investment plans.
2023-03-01