Nigeria PMI November 2017


Nigeria: PMI signals healthy momentum in November

December 5, 2017

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) lost ground in November, although still recorded a strong reading overall. The PMI came in at 55.2, below October’s multi-year high of 55.8. The indicator lies comfortably above the 50-point threshold that separates expansion from contraction in business conditions.

Buoyant growth in output and new orders drove November’s healthy reading, suggesting that the economy’s recovery remains on track in Q4. New business from abroad grew at a record pace, while firms added staff for a seventh consecutive month. On the price front, input price inflation rose to a 10-month high, partly due to higher prices for raw materials, while output charges also increased sharply in November.

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%.


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Nigeria PMI Chart

Nigeria PMI November 2017 1

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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