The Stanbic IBTC Bank Nigeria PMI rose to an over two-year high of 56.4 in December of 2021, up from 55 in the previous month amid stronger output and new order growth. Firm mentioned fruitful marketing efforts and a general improvement in domestic and international demand. Also, record inventory building was central to the improvement. Meanwhile, employment rose but at the softest pace for 11 month. On the price front, purchase costs rose at a survey-record rate for the fourth month running due to higher raw material prices, fuel costs and unfavorable exchange rates movements. Looking forward, firms were optimistic for output growth in 2022, amid plans to broaden product offerings, increase advertisements, and expand operations to new locations. source: Markit Economics
Composite PMI in Nigeria averaged 53.24 points from 2014 until 2021, 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 January of 2022.
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 53.00 points in 2023 and 54.00 points in 2024, according to our econometric models.