Nigeria PMI February 2019


Nigeria: PMI slips to 20-month low in February

March 5, 2019

In February, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 53.3, a 20-month low and below January’s 54.0. Despite the fall, the PMI lies above the 50-point threshold that separates expansion from contraction in business conditions, pointing to solid growth in the private sector.

Weaker growth in output, new orders and employment drove February’s dip. Output expanded at the softest pace since June 2017 and the pace of new orders growth slowed to a four-month low. That said, client demand remained strong and backlogs of work continued to accumulate in the surveyed month. As a result, firms hired additional staff, albeit at a modest pace. On the price front, input cost inflation came in flat, while output prices moderated compared to January.

Nigeria Fixed Investment Forecast

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 3.0% in 2019, which is unchanged from last month’s forecast. In 2020, fixed investment is seen increasing 3.5%.

Author:, Economist

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Nigeria PMI Chart

Nigeria PMI February 2019

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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