The Stanbic IBTC Bank Nigeria PMI slowed to 52.2 in August of 2021, down from 55.4 in the previous month. The rate of growth in private sector activity slowed to a six-month low, amid softer increases in output, new orders and employment. In contrast, there was a quicker expansion in held inventories as firms seek to take advantage of faster lead times, and protect against any future supply shocks. Meanwhile, purchase prices continued to rise, although the rate softened from July. Finally, business sentiment moderated to the third-weakest in the series. Panel comments suggested the longer-term economic implications of COVID-19 weighed on optimism. source: Markit Economics

Composite PMI in Nigeria averaged 53.19 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 September of 2021.

Composite PMI in Nigeria is expected to be 53.00 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 2022 and 54.00 points in 2023, according to our econometric models.

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Stanbic IBTC Bank Nigeria PMI

Actual Previous Highest Lowest Dates Unit Frequency
52.20 55.40 59.10 37.10 2014 - 2021 points Monthly


News Stream
Nigeria Private Sector Growth Slows to 6-Month Low
The Stanbic IBTC Bank Nigeria PMI slowed to 52.2 in August of 2021, down from 55.4 in the previous month. The rate of growth in private sector activity slowed to a six-month low, amid softer increases in output, new orders and employment. In contrast, there was a quicker expansion in held inventories as firms seek to take advantage of faster lead times, and protect against any future supply shocks. Meanwhile, purchase prices continued to rise, although the rate softened from July. Finally, business sentiment moderated to the third-weakest in the series. Panel comments suggested the longer-term economic implications of COVID-19 weighed on optimism.
2021-09-01
Nigeria Private Sector Growth at 18-Month High
The Stanbic IBTC Bank Nigeria PMI rose to 55.4 in July of 2021, up from 53.6 in the previous month. The latest reading signalled a marked improvement in business conditions and one which was the strongest since January 2020, supported by faster increases in output, new orders, purchases and employment. On the price front, there was another strong rise in input costs and output charges, amid higher raw material, wage and transportation prices. Finally, sentiment remained positive amid plans to raise exports and expand business operations, although the degree of positivity moderated to the fourth-weakest in the series.
2021-08-02
Nigeria Private Sector Growth Slows in June
The Stanbic IBTC Bank Nigeria PMI fell to 53.6 in June of 2021, moderating from May's nine-month peak of 54.4. Output, purchasing activity and employment growth softened during the month. This was despite a sharp and accelerated rise in new orders, amid greater client demand. On the price front, overall input price inflation was strong, but eased to the softest since December 2020 despite a sharper rise in purchase costs. Finally, firms remained optimistic about their output prospects over the year ahead, but the degree of positivity was far below the series average.
2021-07-01
Nigeria Private Sector Growth Strongest in 9 Months
The Stanbic IBTC Bank Nigeria PMI rose to 54.4 May of 2021, the highest in 9-months, from 52.9 in the previous period. A strong improvement in the health of the private sector, was driven by robust growth in new orders and in exports, with business output responding to it accordingly. To face this higher demand, firms rose their headcounts at a 35-month high rate, enabling firms to effectively reduce their backlog at one of their fastest ever pace. Meanwhile, producer inflation accelerated to a series high, amid raw material shortages and unfavorable exchange rate movements, a burden which was eventually passed on to consumers with inflation reaching its third quickest rate since 2014. Business sentiment remained positive, fueled by the current expansion in operations.
2021-06-03

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.