The Stanbic IBTC Bank Nigeria PMI crashed to 37.1 in April of 2020 from 53.8 in the previous month. The reading pointed to the steepest deterioration in business conditions in the country's private sector since the survey began in January 2014. Both output and new orders decreased at rates unprecedented in more than six years, due to the imposed lockdown to help limit the spread of the coronavirus. Employment was also scaled back, but only modestly, as the majority of firms opted to keep staffing levels stable. Moreover, purchasing activity decreased markedly, with fewer inputs needed during the lockdown. As a result, stocks of purchases fell at a record rate. On the price front, both input inflation and output charge inflation remained sharp overall, owing to difficulties in securing materials. Looking ahead, business confidence decreased, although firms on balance still expect activity to expand over the coming year, with a return to growth predicted once the pandemic eases.

Composite Pmi in Nigeria averaged 53.57 points from 2014 until 2020, 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 2020. source: Markit Economics

Composite Pmi in Nigeria is expected to be 48.70 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 52.60 in 12 months time. In the long-term, the Stanbic IBTC Bank Nigeria PMI is projected to trend around 54.20 points in 2021 and 55.40 points in 2022, according to our econometric models.

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Stanbic IBTC Bank Nigeria PMI

Actual Previous Highest Lowest Dates Unit Frequency
37.10 53.80 59.10 37.10 2014 - 2020 points Monthly


News Stream
Nigeria Private Sector Shrinks at Record Pace in April
The Stanbic IBTC Bank Nigeria PMI crashed to 37.1 in April of 2020 from 53.8 in the previous month. The reading pointed to the steepest deterioration in business conditions in the country's private sector since the survey began in January 2014. Both output and new orders decreased at rates unprecedented in more than six years, due to the imposed lockdown to help limit the spread of the coronavirus. Employment was also scaled back, but only modestly, as the majority of firms opted to keep staffing levels stable. Moreover, purchasing activity decreased markedly, with fewer inputs needed during the lockdown. As a result, stocks of purchases fell at a record rate. On the price front, both input inflation and output charge inflation remained sharp overall, owing to difficulties in securing materials. Looking ahead, business confidence decreased, although firms on balance still expect activity to expand over the coming year, with a return to growth predicted once the pandemic eases.
2020-05-06
Nigeria Private Sector Activity Growth Nears 1-Year Low
The Stanbic IBTC Bank Nigeria PMI decreased to 53.8 in March of 2020 from 55 in the previous month, pointing to the slowest expansion since May of last year. The rates of growth in output, new orders and employment all softened, amid disruptions caused by the coronavirus disease. Exports orders fell sharply, and at the quickest pace since the survey began in January 2014. Regarding prices, overall input cost inflation accelerated to a 20-month high, amid a sharp rise in purchase costs, reflecting material shortages as a result of COVID-19, currency weakness and the recent increase in VAT. As a result, output prices were raised at the fastest pace since December 2016.
2020-04-03
Nigeria Private Sector Activity Growth at 7-Month Low
The Stanbic IBTC Bank Nigeria PMI dropped to 55 in February 2020 from 55.9 in the previous month, signaling the weakest expansion in the private sector activity since July last year. Output and new orders growth slowed; and the job creation rate was broadly in line with the one seen in January. Meantime, purchasing activity advanced sharply, contributing to a further marked accumulation of inventories. Delivery times continued to shorten despite rising demand for inputs, prompt orders and competition among suppliers. On the price front, input price inflation accelerated to 16-month high boosted by the recent rise in the VAT rate; and output cost inflation quickened to an over one-year high. Finally, confidence hit a 33-month high driven by investment plans and expand operations over the coming year.
2020-03-04
Nigeria Private Sector Growth at 6-Month Low
The Stanbic IBTC Bank Nigeria PMI fell to 55.9 in January 2020 from 56.8 in the previous month, pointing to the softest expansion in the Nigerian private sector since last July. Both new orders and business activity growth slowed and employment went up only modestly. In terms of prices, the rate of input cost inflation accelerated, with firms raising their selling prices at a solid pace as a result. Finally, business sentiment remained positive linked to investment plans and predictions of expanded operations.
2020-02-05

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.