City in Nigeria

Nigeria PMI June 2024

Nigeria: PMI falls in June

The Stanbic IBTC Bank Nigeria PMI fell to 50.1 in June from 52.1 in May. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in private-sector operating conditions compared to the previous month.

The primary factors influencing the latest PMI reading were a significant slowdown in the growth of output and new orders, attributed to subdued demand. The expansion in new orders was marginal and the weakest in the current seven-month sequence of growth. This deceleration in new orders and output growth, in turn, restrained employment growth.

Looking at prices, overall input costs rose at the fastest pace since March. This was partly due to currency weakness and higher raw material costs. Companies responded by raising their selling prices sharply again, with the pace of inflation quickening slightly from May. Lastly, business sentiment remained among the lowest on record.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest