Nigeria PMI January 2018


Nigeria: Economy starts 2018 on a solid note

February 5, 2018

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) jumped in January, building on the gains seen throughout 2017. The PMI came in at 57.3, above December’s 56.8 and the best result since December 2014. The indicator lies comfortably above the 50-point threshold that separates expansion from contraction in business conditions, pointing to robust growth in the private sector.

Record fast growth in new orders drove the PMI’s surge amid renewed orders from abroad. In addition, production grew at a strong rate and firms added jobs in January. On the price front, input price inflation accelerated, however, output charge inflation softened somewhat.

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 3.1% in 2018, which is unchanged from last month’s forecast. In 2019, fixed investment is seen increasing 2.5%.


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Nigeria PMI Chart

Nigeria PMI January 2018 0

Note: Purchasing Managers’ Index. Readings above 50 indicate an expansion in business conditions while readings below 50 point to a contraction.
Source: Stanbic IBTC Bank Nigeria and IHS Markit.

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