Nigeria PMI May 2019

Nigeria

Nigeria: PMI falls to near two-year low in May

June 7, 2019

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) edged down from 55.5 in April to 52.9 in May, the lowest reading since June 2017. Despite the dip, the PMI lies above the 50-point threshold that separates expansion from contraction in business conditions, pointing to solid growth in the private sector.

Weaker growth in business activity and new orders was largely behind May’s fall. That said, growth of new export orders quickened to a year-to-date high amid firmer client demand. In addition, firms continued to increase their staffing levels in May, albeit modestly. On the price front, both input cost and output charge inflation slowed compared to April. Lastly, although business confidence slid to its lowest point in the year thus far, it remained solid overall.

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 2.1% in 2019, which is unchanged from last month’s forecast. In 2020, fixed investment is seen increasing 3.2%.


Author:, Economist

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Nigeria PMI May 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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