Stanbic IBTC Bank Nigeria PMI2014-2020 Data | 2021-2022 Forecast | Calendar

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.

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.

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.

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.