Nigeria Composite PMI

Last Release

Mar 31, 2024

Actual

Units In

Points

Frequency

Monthly

Next Release

May 02, 2024

Time to Release

28 Days 22 Hours

Highest	Lowest	Average	Date Range	Source
59.1 May 2018	37.1 Apr 2020	53 Points	2014-2024	Markit Economics

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.

Latest Updates

The Stanbic IBTC Bank Nigeria PMI came in at 51 in March 2024, the lowest in four months, unchanged from the previous month. The rate of expansion in business activity quickened slightly from February, but remained relatively modest. Although new orders increased for the fourth month running, the pace of growth eased to a four-month low, as steep price rises acted to restrain demand. In fact, the rate of purchase price inflation hit a fresh record high for the second consecutive month, largely due to the impact of currency weakness. There were also some reports of higher transportation costs, prompting companies to raise their selling prices at an unprecedented pace. In the meantime, employment decreased for the second month running. Purchasing activity returned to growth, however, following a reduction in the previous survey period. Lastly, confidence in the year-ahead outlook for business activity strengthened from the previous month's record low, but remained relatively weak.