Nigeria: PMI edges down in February
March 5, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) fell in February, after hitting an over four-year high in January. The PMI came in at 56.0, below January’s 57.3. Despite the fall, 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.
New orders and output growth softened somewhat in February, driving the PMI’s moderation, although both remained high in the context of historical data. Meanwhile, jobs were added at the quickest pace since November 2015 and firms also increased purchasing activity in response to vigorous demand. On the price front, input price inflation accelerated amid higher prices for raw materials.