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Nigeria PMI December 2022

Nigeria: PMI rises in December

The Purchasing Managers Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.6 in December, up from Novembers 54.3. As such, the index signaled a stronger improvement in private-sector business conditions compared to the previous month as it moved further above the 50.0 no-change threshold. Decembers print was the best since April.

Decembers improvement was due to new orders increasing at the strongest rate in eight months, thanks to increased demand. As a result, firms increased their output levels at a quicker pace across all sectors. Meanwhile, supply delivery times shortened in December to their lowest since July 2022. Despite a fast rise in purchasing activity, the rate of accumulation in inventories moderated to its lowest in nearly two years. The level of employment increased only slightly.

Regarding price pressures, Muyiwa Oni, head of equity research West Africa at Stanbic IBTC Bank, explained:

“Purchase costs increased at the fastest pace in four months leading to companies increasing their output prices. Throughout the year 2022, headline inflation continued to rise till it reached 21.5% year on year in November, driven by elevated energy and food prices, exacerbated by the Russia-Ukraine crisis. In near term, inflation will likely remain elevated, significantly above the Central Banks target range of 6.0—9.0%, which would keep the monetary policy authorities hawkish aiming at containing surging price levels.”

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