Nigeria PMI April 2018

Nigeria

Nigeria: PMI eases from record high in April

May 4, 2018

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) receded from 58.8 in March to 58.1 in April. March’s reading had marked a record high. Despite the fall, the PMI still lies at a historically high rate and far above the 50-point threshold that separates expansion from contraction in business conditions, pointing to robust growth in the private sector.

April’s strong performance was driven by record output growth and strong inflows of new orders. Signaling tightening capacity at firms, backlogs of work rose and jobs were added at a healthy pace. On the price front, input price inflation rose to the highest level since February 2014 in April.

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%.


Author: Angela Bouzanis, Senior Economist

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Nigeria PMI April 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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