City in Nigeria

Nigeria PMI August 2020

Nigeria: PMI jumps in August

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose in August to 54.6 (July: 50.4). As a result, the PMI climbed further above the 50-threshold that separates improvement from deterioration in business conditions, pointing to solid growth of private sector activity amid the easing of Covid-19-related restrictions.

August’s increase was largely driven by a rebound in both output and new orders due to stronger demand, with the latter increasing the most since January. Moreover, employment stabilized in August, after four consecutive months of firms cutting jobs. On the price front, input cost inflation accelerated to a record high according to the survey due to currency weakness and higher raw material prices, which prompted companies to hike selling prices at sharpest rate since the inception of the survey. Lastly, business confidence remained weak on concerns over the impact of the pandemic.

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