Nigeria PMI July 2022


Nigeria: Business conditions improve at a stronger clip in July

August 1, 2022

Nigerian private-sector operating conditions improved at a stronger pace at the beginning of the third quarter. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose to 53.2 in July from 50.9 in June. Therefore, the index moved further above the neutral 50-threshold that separates an overall improvement in operating conditions from a deterioration.

The stronger improvement was driven by a return to growth in output and a sharper increase in new orders. Consequently, firms scaled up their purchasing activity. That said, employment increased at a softer pace due to elevated costs, which squeezed profits. Turning to prices, input and output price inflation both rose to four-month highs due to a weakened currency and higher fuel prices. Lastly, confidence remained upbeat.

FocusEconomics Consensus Forecast panelists expect fixed investment to increase 4.3% in 2022 and 8.0% in 2023.


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Nigeria PMI Chart

Nigeria PMI July 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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