Nigeria PMI October 2021


Nigeria: PMI comes in at three-month high in October

November 1, 2021

Operating conditions in Nigeria’s private sector improved at the outset of the fourth quarter, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rising to 54.1 in October from 52.3 in September. Consequently, the index moved further above the neutral 50-threshold that separates expansion from contraction in operating conditions.

The improvement came on the back of stronger growth in output and new orders, while purchasing activity and employment also grew. Production rose at a strong pace across the economy, with manufacturing leading the way. Regarding prices, input costs rose at a record-steep pace due to unfavorable exchange rate developments and pricier raw materials, staff and transportation. Consequently, output prices rose as well.

Muyiwa Oni, head of equity research West Africa at Stanbic IBTC Bank, commented:

“The relaxed public health restrictions and re-opening of the economy have continued to pave way for economic recovery, as we experienced the sixteenth consecutive month of expansion […].”

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 Chart

Nigeria PMI October 2021 0

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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