Nigeria PMI October 2017


Nigeria: PMI records best result since December 2014 in October

November 3, 2017

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) gained ground in October rising to the highest level since December 2014. The PMI came in at 55.8, above September’s 54.9. The indicator lies comfortably above the 50-point threshold that separates expansion from contraction in business conditions.

Sharp growth in output and new orders drove October’s healthy reading. Demand from abroad was particularly strong and backlogs of work rose in the month. Firms also took on more staff. On the price front, input price inflation sharpened slightly, however, output charge inflation eased.

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 3.0% in 2018, which is unchanged from last month’s forecast. In 2019, fixed investment is seen contracting 0.3%.

Author: Angela Bouzanis, Senior Economist

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Nigeria PMI Chart

Nigeria PMI October 2017

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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