Nigeria Business Confidence January 2017


Nigeria: Business sentiment drops to four-month low in January

February 6, 2017

In January, the Standard Chartered-MNI Business Sentiment indicator (BSI) dropped from December’s 58.9 to 54.7. January’s print reflects a drop in production, new orders, supplier delivery times and order backlogs. Employment was the only sub-component of the headline indicator that rose in the surveyed month, albeit at a marginal rate.

January’s print reflected a deterioration in 10 out of the 15 current conditions indicators and a fall in 6 of the 15 future expectations indicators. Future expectations improved considerably from last month’s survey when respondents expected a deterioration in 12 of the 15 categories.

Analyzing the future expectations result, Standard Chartered analysts noted that, “The increased optimism was also captured by the overall business conditions future expectations indicator which reached its highest level since July 2016.”

FocusEconomics Consensus Forecast panelists expect gross fixed investment growth to reach 0.8% in 2017, which is down 1.8 percentage points from last month’s forecast. For 2018, panelists forecast an expansion of 3.9%.

Author: Jean-Philippe Pourcelot, Economist

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Nigeria Business Confidence Chart

Nigeria Business Confidence January 2017 1

Note: Business Sentiment Indicator. Readings above 50 indicate an expansion in business conditions while readings below 50 point to a contraction.
Source: MNI Indicators and Standard Chartered.

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