City in Nigeria

Nigeria PMI February 2022

Nigeria: PMI hits over two-year high in February

Business conditions in Nigeria’s private sector economy improved at a stronger pace in February, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) hitting an over two-year high of 57.3, up from January’s 53.7. As such, the index moved further north of the neutral 50-threshold that separates an overall improvement from a deterioration in operating conditions.

The headline improvement was driven by stronger growth in output, new orders, employment and purchasing activity. A general improvement in both domestic and foreign demand underpinned the joint-strongest pace of growth in new orders, which in turn led to the 15th consecutive month of increasing output levels. Moreover, payrolls expanded at the strongest rate since July 2021. Turning to prices, a depreciating currency, higher prices for raw materials and rising wages drove input price inflation. The greater cost burden was passed on to customers, as output prices rose sharply.

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