Nigeria PMI November 2016


Nigeria: PMI edges up in November but still points to contraction

December 5, 2016

In November, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 47.5 in October to 47.7. Despite the increase, the index remains below the 50-threshold that separates contraction from expansion in business conditions.

November’s reading reflects an increase in new orders for the first time since January. Another sharp decline was recorded in output and purchasing activity. Staffing at Nigerian firms remained stable following a modest increase in October. Regarding price developments, input costs rose at the slowest pace since January while output prices increased at a faster pace than in the month prior owing to improved client demand.

Commenting on the result, IHS Markit analyst Ayomide Mejabi stated that, “while the overall PMI has actually improved marginally since the end of the third quarter […] there is no assurance that the moderation in the pace of contraction in economic activity will be enduring.”

FocusEconomics Consensus Forecast panelists expect gross fixed investment growth to reach 2.6% in 2017, which is unchanged from last month’s forecast. For 2018, panelists forecast an expansion of 5.0%.

Author: Jean-Philippe Pourcelot, Economist

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Nigeria PMI Chart

Nigeria PMI November 2016 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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