City in Nigeria

Nigeria PMI March 2023

Nigeria: Private-sector business conditions deteriorate steeply in March

The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—dropped to 42.3 in March, down from February’s 44.7. As a result, the index moved further below the 50.0 no-change mark, signaling the starkest deterioration in private-sector operating conditions since May 2020. March’s result marked the second consecutive month of deteriorating conditions, following a 31-month streak of improvements.

March’s downturn reflected the impact of the cash crisis on the economy. Clients were unable to make purchases amid cash shortages, leading to sharper drops in output and new business. These developments, coupled with struggles to pay wages, prompted firms to let go of staff in March.

Turning to prices, input costs rose at the softest pace in nearly three years, but inflation was still marked. Similarly, output charges increased at the slowest rate since April 2020. Lastly, firms’ sentiment was the second-most downbeat in the series’ history, dampened by the ongoing cash crisis.

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