The Stanbic IBTC Nigeria PMI edged down to 54.6 in July 2019 from 54.8 in the previous month, but still signalling a marked monthly improvement in business conditions across the Nigerian private sector. New business increased sharply, with the rate of growth quickening for the second month running. Output also rose at a marked pace, albeit one that was softer than in June and one of the slowest for two years. Also, employment rose modestly for the twenty-seventh successive month. Purchasing activity expanded at a sharp pace again in July, with inventories increasing to the greatest extent since January. In terms of prices, inflationary pressures remained relatively muted, despite both input costs and output prices rising at slightly faster rates than seen in June. Looking ahead, business expansion plans supported continued optimism that output will increase over the coming year, although sentiment dipped to a seven-month low. Composite Pmi in Nigeria is reported by Markit Economics.

Composite Pmi in Nigeria is expected to be 52.70 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 54.70 in 12 months time. In the long-term, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.30 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 29.70 29.20 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 57.60 57.40 61.10 41.90 [+]
Crude Oil Rigs 15.00 14.00 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 47.53 48.04 48.04 3.37 Points [+]
Competitiveness Rank 115.00 112.00 127.00 94.00 [+]
Composite Pmi 54.60 54.80 59.10 46.30 [+]
Capacity Utilization 55.00 54.60 60.50 48.50 percent [+]
Services Pmi 58.70 58.60 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 August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
54.60 54.80 59.10 46.30 2014 - 2019 Monthly




Country Last Previous
Australia 49.50 Aug/19
Brazil 51.60 Jul/19
China 50.90 Jul/19
Euro Area 51.80 Aug/19
France 52.70 Aug/19
Germany 51.40 Aug/19
India 53.90 Jul/19
Italy 51.00 Jul/19
Japan 51.70 Aug/19
Russia 50.20 Jul/19
Singapore 51.00 Jul/19
South Africa 48.40 Jul/19
United Kingdom 50.70 Jul/19
United States 50.90 Aug/19


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