The Stanbic IBTC Bank Nigeria PMI edged down to 50.7 in January of 2021 from 51.8 in the prior month, pointing to the smallest expansion in the country's private sector since July. New orders and output slowed while the rate of job shedding was solid and the second sharpest in the series. Despite this, firms were able to complete existing orders, with backlogs reducing for the eighth month running. Meantime, purchasing activity and input stocks went up. On the price front, both input prices and output charges increased markedly, linked to material shortages, unfavourable exchange rate movements and higher wages. Looking ahead, sentiment regarding output over the next 12 months remained in positive territory, and was the strongest since last April, supported by business expansion plans and hopes of greater demand. source: Markit Economics

Composite PMI in Nigeria averaged 53.17 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 February of 2021.

Composite PMI in Nigeria is expected to be 51.00 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 52.00 in 12 months time. In the long-term, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.00 points in 2022, according to our econometric models.

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Stanbic IBTC Bank Nigeria PMI

Actual Previous Highest Lowest Dates Unit Frequency
50.70 51.80 59.10 37.10 2014 - 2021 points Monthly


News Stream
Nigeria Private Sector Growth at 6-Month Low
The Stanbic IBTC Bank Nigeria PMI edged down to 50.7 in January of 2021 from 51.8 in the prior month, pointing to the smallest expansion in the country's private sector since July. New orders and output slowed while the rate of job shedding was solid and the second sharpest in the series. Despite this, firms were able to complete existing orders, with backlogs reducing for the eighth month running. Meantime, purchasing activity and input stocks went up. On the price front, both input prices and output charges increased markedly, linked to material shortages, unfavourable exchange rate movements and higher wages. Looking ahead, sentiment regarding output over the next 12 months remained in positive territory, and was the strongest since last April, supported by business expansion plans and hopes of greater demand.
2021-02-03
Nigeria Private Sector Grows Faster in December
The Stanbic IBTC Bank Nigeria PMI rose to 51.8 in December of 2020 from 50.9 in the previous month, indicating an overall improvement in business conditions in the Nigerian private sector. Output returned to growth after recent protests had hampered operations in November, while new orders continued to rise and solidly. The rate of job creation meanwhile eased to the softest in four months. Also, exports fell substantially as the pandemic crisis continued to hit demand from abroad. Nigerian businesses increased their purchasing activity which in turn led to a stronger accumulation in stocks of inputs. On the price front, both output and input price inflation were among the sharpest in the respective series histories. Finally, sentiment regarding the year ahead reached a five-month high, fuelled by business expansion plans.
2021-01-06
Nigeria Private Sector Growth Slows to 4-Month Low
The Stanbic IBTC Bank Nigeria PMI decreased to 50.9 in November of 2020 from 53.5 in the previous month. The reading pointed to the slowest expansion in the country's private sector since July, as recent protests led output to contract for the first time in five months, and the rate of increase in new orders softened. Meanwhile, Nigerian firms increased their workforce numbers solidly. Lastly, business sentiment remained positive, but weak compared to the historical average, due to uncertainty amid the pandemic crisis.
2020-12-03
Nigeria Private Sector Expands Faster in October
The Stanbic IBTC Bank Nigeria PMI rose to 53.5 in October of 2020 from 52.5 in the previous month, signalling a solid expansion in business activity at Nigerian private sector firms. Both output and new orders grew faster, which prompted firms to expand purchasing activity and employment accordingly. On the price front, the rate of purchase cost inflation slowed slightly but remained solid overall, linked to unfavourable exchange rate conditions, rising raw material prices and staff costs. Meantime, selling prices rose sharply as cost burdens were passed on to customers. Looking ahead, companies remained optimistic about output in the year ahead, with many firms hoping to expand operations.
2020-11-04

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.