City in Nigeria

Nigeria PMI May 2020

Nigeria: PMI crawls back up from record low but remains deep in the red in May

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) climbed from its record low of 37.1 in April to 40.7 in May. Nevertheless, the PMI remained deeply entrenched under the 50-threshold that separates improvement from deterioration in business conditions, pointing to a severe contraction of activity in the private sector.

May’s increase reflected slightly weaker falls in output and new orders compared to their unprecedented declines in the previous month as the impact from Covid-19 and related lockdown measures continued to take their toll on demand conditions. Meanwhile, employment fell only fractionally as nearly the entirety of surveyed firms kept their staffing levels unchanged. On the price front, input cost inflation spiked to another record high due to currency weakness, higher logistics costs and lack of materials, which prompted companies to pass this higher burden onto customers by raising selling prices sharply. Lastly, business confidence dropped to its lowest since 2017-end.

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