Nigeria PMI May 2022


Nigeria: PMI moderates in May

June 1, 2022

Nigerian private-sector operating conditions improved at a softer pace in May. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) eased to 53.9 in May from 55.8 in April. That said, the index remained above the neutral 50-threshold that separates an overall improvement from a deterioration in operating conditions.

The reading reflected a notable slowdown in output growth. This partly offset a sharp rise in new orders and purchasing activity in the month, with firms attempting to protect themselves against future price hikes. Meanwhile, employment increased at a quicker pace as firms were upbeat regarding output expectations in the year ahead. Turning to prices, greater headcounts and higher commodity prices drove a marked rise in input price inflation, which was passed on to customers as output price inflation accelerated.

FocusEconomics Consensus Forecast panelists expect fixed investment to increase 10.1% in 2022 and 6.2% in 2023.

Author:, Economist

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Nigeria PMI Chart

Nigeria PMI May 2022

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 S&P Global.

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