Nigeria PMI October 2018


Nigeria: PMI plunges in October

November 5, 2018

Economic conditions weakened in Nigeria at the start of the fourth quarter. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 54.4, notably below September’s 56.3. Despite the fall, the PMI lies far above the 50-point threshold that separates expansion from contraction in business conditions, pointing to robust growth in the private sector.

Weaker growth in new orders and output drove October’s moderation. In addition, inflationary pressures built in the month, with input cost inflation and output prices rising. On a bright note, firms added jobs for the 18 consecutive month in October.

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 2.2% in 2019, which is unchanged from last month’s forecast. In 2020, fixed investment is seen increasing 1.7%.


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Nigeria PMI Chart

Nigeria PMI October 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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