City in Nigeria

Nigeria PMI November 2019

Nigeria: PMI climbs to 17-month high in November

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) edged up from 56.9 in October to 57.7 in November, the highest reading in nearly a year-and-a-half. As a result, the PMI rose further above the 50-threshold that separates expansion from contraction in business conditions, pointing to solid growth in the private sector.

November’s upturn mainly reflected a steep rise in business activity, which was largely supported by upbeat new order growth. Moreover, firms continued to raise their staffing levels, though the latest addition was modest. On the price front, input cost inflation accelerated to a 13-month high, stoked by the closure of land borders and input shortages. Firms passed these higher cost burdens onto customers, with selling prices increasing solidly in the surveyed month. Lastly, business sentiment ticked up and remained firmly positive, propped up by expectations of new product launches and business expansion.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest