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.

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Stanbic IBTC Bank Nigeria PMI

Actual Previous Highest Lowest Dates Unit Frequency
54.60 50.40 59.10 37.10 2014 - 2020 points Monthly


News Stream
Nigeria Private Activity Rises the Most since February
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.
2020-09-03
Nigeria Private Sector Posts First Expansion in 4 Months
The Stanbic IBTC Bank Nigeria PMI rose to 50.4 in July of 2020 from 46.4 in the previous month, as the economy recovers from the pandemic blow. The reading pointed to a slight improvement in business conditions following a three-month severe downturn due to the COVID-19 pandemic. Output and new orders returned to growth while employment decreased further despite the rate of job cuts softened from June's record. On the price front, input prices rose at the sharpest pace on record, amid an unprecedented rise in purchase prices, due to currency weakness and shortages of raw materials. Output charges were lifted accordingly. Business confidence improved from June's record low.
2020-08-05
Nigeria Private Sector Downturn Continues to Ease
The Stanbic IBTC Bank Nigeria PMI increased to 46.4 in June of 2020 from 40.7 in the previous month, amid loosening lockdown restrictions. Both output and new orders continued to fall although at a slower pace, linked to restrictions to prevent the spread of Covid-19, a lack of customers and insufficient funds to commit to new orders. Meanwhile, difficulties in paying staff led to a record fall in employment. Regarding prices, the rate of input inflation hit a new record for the third month running, amid reports of raw material shortages and currency weakness. The strong increase in purchase costs fed through to a steep rise in selling prices, with the rate of inflation little-changed from the record posted in May. Also, business sentiment hit the lowest in the survey's six-and-a-half year history.
2020-07-03
Nigeria Private Sector Activity Falls at Softer Pace in May
The Stanbic IBTC Bank Nigeria PMI rose to 40.7 in May of 2020 from a record low of 37.1 in the previous month. The rates of decline in output and new orders were only slightly softer than the unprecedented falls recorded in April, due to a loosening of lockdown restrictions but remaining considerable. Also, employment decreased only marginally, as many firms kept workforce numbers unchanged. Meantime, purchasing activity fell again while backlogs of work rose for a second month, with the rate of accumulation in outstanding business the sharpest since November 2018. In terms of prices, the rate of purchase cost inflation hit a record high for the second month running, linked to the scarcity of materials, currency weakness and higher costs relating to logistics. As a result, the rate of output price inflation accelerated to a new record high. Looking forward, business confidence dropped for the third straight month to the lowest since December of 2017.
2020-06-03

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.