Nigeria PMI August 2022

Operating conditions in Nigeria’s private sector improved at a softer pace, as Nigeria’s Stanbic Bank Purchasing Managers’ Index (PMI) fell to 52.3 in August from 53.2 in July. However, the index remained above the neutral 50 threshold that separates an overall improvement in operating conditions from a deterioration.

The main moderation was driven by slight increases in production and new orders, while price pressures rose to a near record high. New orders continued to rise due to improved demand dynamics. However, the pace of expansion slowed. Sustainability of new business inflows supports outputs. In terms of staffing, companies continued to increase the number of employees which enabled them to reduce backlog. Turning to prices, input price inflation was the second fastest ever due to rising input costs and wages. Finally, confidence fell to a nine-month low but remained in the upbeat terrain.

Members of the FocusEconomics Consensus forecast committee expect fixed investment to increase by 4.3% in 2022 and 8.0% in 2023.

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