Nigeria PMI February 2018


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.

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 2.4% in 2018, which is down 0.7 percentage points from last month’s forecast. In 2019, fixed investment is seen increasing 1.9%.


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Nigeria PMI Chart

Nigeria PMI February 2018

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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