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.