Nigeria PMI September 2018


Nigeria: PMI rises in September

October 4, 2018

Economic conditions firmed in Nigeria in September. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 56.3, slightly above August’s 56.1. 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.

Solid inflows of new orders and rising output growth drove September’s uptick. Despite rising new orders, job creation was soft, with employment growth falling to a 15-month low. On the price front, input price inflation fell to a one-year low.

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 2.5% in 2019, which is unchanged from last month’s forecast. In 2020, fixed investment is seen increasing 2.6%.


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Nigeria PMI Chart

Nigeria PMI September 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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