The Stanbic IBTC Bank Nigeria PMI jumped to 54.6 in August of 2020 from 50.4 in July, pointing to the highest increase in private sector activity since February, before the coronavirus pandemic. Demand improved following the easing of restrictions and output and new orders rebounded. Employment was broadly stable, although excess capacity remained as a result of the severe declines in new business during the second quarter. Currency weakness led to another record increase in purchase costs, in turn feeding through to a rise in selling prices unprecedented since the survey began in January 2014.
Composite Pmi in Nigeria averaged 53.26 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 September of 2020. source: Markit Economics
Composite Pmi in Nigeria is expected to be 55.00 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 53.00 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.