Nigeria PMI November 2020

Nigeria

Nigeria: Business conditions improve in the final month of 2020

January 6, 2021

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose to 51.8 in December from November’s 50.9. A such, the index moved further above the 50-threshold, indicating an improvement in business conditions compared to the previous month.

December’s improvement largely came on the back of rising output and new orders, after nationwide protests weighed on operation in November. On the price front, input cost inflation picked up sharply amid rising prices for materials, while output charges rose as firms passes on higher costs to their customers. Lastly, sentiment hit a five-month high as firms turned more optimistic regarding the outlook on output ahead.

FocusEconomics Consensus Forecast panelists expect fixed investment to increase 3.2% in 2021 and 3.1% in 2022.


Author:, Economist

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Nigeria PMI December 20 20

Note: Purchasing Managers’ Index. Readings above 50 indicate an improvement in business conditions while readings below 50 point to deterioration.
Source: Stanbic IBTC Bank Nigeria and IHS Markit.


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