Nigeria PMI November 2021


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

December 1, 2021

Private-sector operating conditions in Nigeria improved at an accelerated pace in November, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rising to 55.0 from 54.1 in October. As a result, the index moved further north of the neutral 50-threshold that separates expansion from contraction in operating conditions.

The joint-fastest increase in new orders in nearly two years was chiefly behind the headline improvement. Greater sales to domestic and foreign markets, as well as increased client requirements drove growth in new business. Consequently, output rose for the 12th month running and was supported by broad-based improvements. Increased workloads led to the 10th consecutive month of job creation growth, which supported further declines in backlogs of work. Turning to prices, input price inflation continued to firm amid supply-side bottlenecks, unfavorable exchange rate movements and greater staff costs. Output price inflation rose at a record-quick pace, with firms looking to pass on the burden to clients.

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

“The Nigerian economy continues to show stronger than expected recovery from the recession in 2020 […]. However, the oil and gas sector continue to be a dampener, as disruption and ageing infrastructure continue to depress production levels. This has also limited the ability of the country to take full advantage of the high oil price environment.”

FocusEconomics Consensus Forecast panelists expect fixed investment to increase 5.0% in 2022 and 7.4% in 2023.

Author:, Economist

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Nigeria PMI Chart

Nigeria PMI November 2021

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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