Nigeria PMI March 2019


Nigeria: PMI edges up in March

April 3, 2019

In March, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 53.6, slightly above February’s 20-month low of 53.3. The PMI lies well above the 50-point threshold that separates expansion from contraction in business conditions, pointing to solid growth in the private sector.

Faster growth in output, which hit a three-month high amid improved client demand, was largely behind March’s climb. In contrast, new orders expanded at the softest pace since November 2017. That said, employment continued to rise in the surveyed month, albeit modestly, to keep up with rising output requirements. On the price front, both input cost and output charge inflation moderated compared to February. Lastly, business confidence remained firm amid a positive outlook for investment ahead.

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 2.7% in 2019, which is unchanged from last month’s forecast. In 2020, fixed investment is seen increasing 3.5%.

Author:, Economist

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Nigeria PMI Chart

Nigeria PMI March 2019

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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