The Stanbic IBTC Bank Nigeria PMI rose to 57.1 in September 2019 from 56.4 in the previous month, signalling a the sharpest monthly improvement in business conditions since June 2018. New order growth accelerated to a 15-month high, which led to an accumulation of backlogs of work for the fifth month running. Despite pressure on capacity, companies increased their staffing levels only modestly, and to a lesser extent than was seen in August. On the other hand, substantial growth of purchasing activity was recorded, helping to contribute to the sharpest accumulation of inventories since May 2018. On the price front, both input costs and output prices rose at slightly sharper rates in September. Looking ahead, optimism regarding the 12-month outlook for activity improved to a five-month high, due to planned investment and business expansions. Composite Pmi in Nigeria is reported by Markit Economics.

Composite Pmi in Nigeria is expected to be 54.30 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 55.00 in 12 months time. In the long-term, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.60 in 2020, according to our econometric models.

Stanbic IBTC Bank Nigeria PMI
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Nigeria Business Last Previous Highest Lowest Unit
Business Confidence 28.60 28.10 41.10 -29.00 Index Points [+]
Industrial Production -10.50 -10.30 20.10 -20.40 percent [+]
Manufacturing Production 0.40 0.20 24.60 -7.00 percent [+]
Internet Speed 3853.93 4129.28 4129.28 348.64 KBps [+]
IP Addresses 209207.00 194830.00 244394.00 29604.00 IP [+]
Leading Economic Index 45.90 45.50 53.00 45.50 percent [+]
Manufacturing Pmi 57.70 57.90 61.10 41.90 [+]
Crude Oil Rigs 17.00 15.00 20.00 3.00 [+]
Ease of Doing Business 146.00 145.00 170.00 120.00 [+]
Corruption Index 27.00 27.00 28.00 6.90 Points [+]
Corruption Rank 144.00 148.00 152.00 52.00 [+]
Changes In Inventories 178909.34 172276.89 178909.34 32488.05 NGN Million [+]
Competitiveness Index 48.33 47.53 48.33 3.37 Points [+]
Competitiveness Rank 116.00 115.00 127.00 94.00 [+]
Composite Pmi 57.10 56.40 59.10 46.30 [+]
Capacity Utilization 55.00 54.60 60.50 48.50 percent [+]
Services Pmi 58.00 58.80 62.30 41.00 [+]
Mining Production -25.90 28.00 48.20 -34.10 percent [+]


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. This page provides - Nigeria Composite Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. Stanbic IBTC Bank Nigeria PMI - actual data, historical chart and calendar of releases - was last updated on October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
57.10 56.40 59.10 46.30 2014 - 2019 Monthly




Country Last Previous
Australia 52.00 Sep/19
Brazil 52.50 Sep/19
China 51.90 Sep/19
Euro Area 50.10 Sep/19
France 50.80 Sep/19
Germany 48.50 Sep/19
India 49.80 Sep/19
Italy 50.60 Sep/19
Japan 51.50 Sep/19
Russia 51.40 Sep/19
Singapore 48.30 Sep/19
South Africa 49.20 Sep/19
United Kingdom 49.30 Sep/19
United States 51.00 Sep/19


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