Composite PMI in Nigeria remained unchanged at 53.90 points in May from 53.90 points in May of 2022. source: Markit Economics

Composite PMI in Nigeria averaged 53.34 points from 2014 until 2022, 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 June of 2022.

Composite PMI in Nigeria is expected to be 52.70 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 53.90 53.90 points May 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
53.90 53.90 59.10 37.10 2014 - 2022 points Monthly

News Stream
Nigeria Private Sector Growth Slows but Remains Strong
The Stanbic IBTC Bank Nigeria PMI fell to 53.9 in May of 2022 from 55.8 in the prior month, pointing to the 23rd successive monthly improvement in business conditions in Nigeria's private sector. Softer increases were recorded in output, new orders, purchasing activity and input inventories. That said, new orders continued to rise sharply which prompted a quicker expansion in staff numbers. Firms also continued to raise purchasing activity, with expansions now seen in each of the last 23 months. On the price front, sharp price pressures were once again evident, with overall input price inflation among the quickest in the survey’s more than eight-year history. Finally, sentiment improved with companies also hoping that fruitful marketing campaigns would support output growth over the next 12 months.
Nigeria Private Sector Growth Picks Up
The Stanbic IBTC Bank Nigeria PMI rose to 55.8 in April of 2022 from 54.1 in the prior month, pointing to a sharp improvement in business conditions in Nigeria's private sector. Growth has now been seen in each of the last 22 months with the latest uptick quicker than the long-run series average. The rates of expansion of output and new orders accelerated, amid stronger demand. At the same time, more staff was added and purchasing activity went up in a bid to ramp up activity. On the price front, both input inflation and output charge inflation surged to record levels, as Russia's invasion of Ukraine exacerbated costs for a wide range of raw materials as well as fuel. Finally, firms were optimistic about growth in the year ahead, but sentiment dipped to a four-month low, amid uncertainty surrounding the global environment and a lack of plans to expand operations.
Nigeria Private Sector Growth Slows in March
The Stanbic IBTC Bank Nigeria PMI fell to 54.1 in March of 2022 from 57.3 in the prior month, pointing to a softer, yet solid, improvement in business conditions. Output and new orders growth slowed, despite favourable demand conditions. Also, stocks of purchases and employment increased at a slower pace. On the price front, sharp cost pressures persisted, amid cash shortages and price hikes. Also, selling prices rose at one of the quickest rates in the surveys near eight-and-a-half-year history. Finally, firms remained upbeat about their prospects for output growth over the coming year, despite concerns over inflationary pressures.