Nigeria PMI November 2018

Nigeria

Nigeria: PMI rises in November

December 5, 2018

Economic conditions improved in Nigeria in November. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 55.5, above October’s 54.4. 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.

Faster growth in new orders and output drove November’s improvement. Rising new business ramped up capacity pressures on firms and backlogs of work rose at one of the sharpest paces seen in the past four years. Meanwhile, inflationary pressures eased in the month, with input cost inflation rising at the weakest pace since February 2015.

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 1.9% in 2019, which is unchanged from last month’s forecast. In 2020, fixed investment is seen increasing 2.2%.


Author: Angela Bouzanis, Lead Economist

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Nigeria PMI Chart


Nigeria PMI November 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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