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.