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.

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Stanbic IBTC Bank Nigeria PMI


Related Last Previous Unit Reference
Composite PMI 56.40 55.00 points Dec/21

News Stream
Nigeria Private Sector Growth at 2-Year High
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.
2022-01-06
Nigeria Private Sector Growth at 4-Month High
The Stanbic IBTC Bank Nigeria PMI rose to a four-month high of 55 in November of 2021, up from 54.1 in the previous month. The latest reading indicated a solid expansion in business conditions, bringing the sequence of growth to 17 months. Both output and new orders increased solidly and at faster rates. Also, stocks of purchases rose at the fourth-most marked rate in the series history, as firms sought to protect against future shortages. However, private sector performance was overshadowed by a record increase in overall costs amid ongoing global supply issues and unfavourable exchange rate movements. Looking forward, business sentiment remained positive in November, fuelled by plans to broaden product offerings, although the degree of optimism moderated to a three-month low amid concerns over the pandemic.
2021-12-01
Nigeria Private Sector Growth at 3-Month High
The Stanbic IBTC Bank Nigeria PMI improved to 54.1 in October 2021 from 52.3 in the previous month, indicating a sixteenth successive monthly expansion. Overall, the Manufacturing PMI posted its highest reading since July, as output, new orders and buying activity rose sharply. Staffing levels and inventories continued to rise, albeit at slower rates, while firms reduced their backlogs for the seventeenth month in a row. However, panelists continued to report higher prices for materials and transportation with purchase costs rising at a record rate. Unfavorable exchange rate movements also exerted upward pressures on costs. Subsequently, confidence moderated.
2021-11-01

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.