City in Nigeria

Nigeria PMI March 2020

Nigeria: PMI slides to nine-month low in March

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) slipped from 55.0 in February to 53.8 in March, the lowest reading since May 2019. Despite the dip, the PMI remained above the 50-threshold that separates improvement from deterioration in business conditions, still pointing to healthy growth in the private sector.

March’s slide largely reflected softer growth in output and new orders, with the latter already showing early signs of cooling demand. Moreover, new export orders plunged, falling at the sharpest pace since the survey began in January 2014, as the Covid-19 pandemic started to take its toll. On the price front, input cost inflation picked up markedly amid currency weakness and material shortages due to Covid-19, prompting companies to raise selling prices sharply as a result.

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