Nigeria: PMI steady in August

The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) was largely stable in August. The PMI came in at 56.1, only slightly above July’s 56.0. 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.

Output and new orders continued to grow at a solid pace in August, although easing mildly from July’s results. However, employment growth gained steam, after falling to a six-month low in July. On the price front, input price inflation moderated to a six-month low.

Nigeria Fixed Investment Forecast

FocusEconomics Consensus Forecast panelists expect fixed investment growth to reach 3.4% in 2018, which is unchanged from last month’s forecast. In 2019, fixed investment is seen increasing 2.5%.