• About
  • Advertise
  • Careers
  • Contact Us
Wednesday, June 25, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

Stanbic IBTC Bank Nigeria: PMI hits two-year high amid stronger output, new order growth

by Yinka Okeowo
January 5, 2022
in Finance
0
UBA
Advertisements

The final month of 2021 revealed a robust expansion in Nigeria’s private sector with the PMI improving to a 24-month high.

Quicker uplifts in output and new orders as well as record inventory building were central to the improvement. Despite the surge in new orders, firms added to their headcounts at the softest pace for 11 months but were still able to keep backlogs at bay.

Meanwhile, purchase cost inflation accelerated to a fresh series high, and for the fourth month running. Output price inflation followed suit, also quickening to a new survey peak in December.

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI ®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

At 56.4 in December, up from 55.0 in November, the latest expansion pointed to a robust overall improvement in business conditions.

Moreover, the latest quarterly reading was at 55.2, the highest since the final quarter of 2019.

A key driver of growth was the quickest rise in new orders for over two years. Firms mentioned fruitful marketing efforts and a general improvement in domestic and international demand.

Subsequently, firms boosted output for the thirteenth month running, and at the quickest rate since August 2020. Subsector data revealed expansions across the board, although manufacturers recorded by far the strongest increase.

Wholesale & retail, services and agriculture followed, respectively. Despite robust expansions in output, firms added to their headcounts at only a slight pace. Panel comments suggested that whilst sales had increased, firms were able to keep up with demand leading to a marked reduction in backlogs.

Meanwhile, historically elevated rates of new order growth led firms to engage in stockpiling strategies during the month. In fact, inventories increased at the quickest rate in eight years of data collection.

From the PMI report, buying levels also increased substantially, and at the fourth-most marked rate in the series.

As for prices, purchase costs rose at a survey-record rate for the fourth month running. Higher raw material prices, fuel costs and unfavourable exchange rate movements drove the increase.

Favourable demand conditions allowed for costs to be passed on to clients at a record rate in December.

Finally, firms were optimistic for output growth in 2022 amid plans to broaden product offerings, increase advertisements and expand operations to new locations.

Loading

Advertisements
MTN ADS

Author

  • Yinka Okeowo
    Yinka Okeowo

    View all posts
0Shares
Tags: PMIstanbic IBTCStanbic IBTC Bank Nigeria PMI
Yinka Okeowo

Yinka Okeowo

Next Post

mPharma raises $35,000,000 in Series D and debt funding

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Capital Market - NGX - DANGCEM

NGX Closes at 98,616.97, as Seplat, BUA Cement Lead Gainers Table

1 year ago
Waste Pickers in Nigeria

Nigeria Mulls Digital Repository for Waste Pickers

10 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.