The Central Bank of Nigeria Manufacturing PMI dropped to 58.5 in January of 2019 from 61.1 in the previous month. Still, it marks the twenty-second consecutive month of expansion in the manufacturing sector. Output (59.3 from 63.6 in December); new orders (58.9 from 62.3) and employment (56.4 from 57) rose at a slower pace. In addition, export orders fell at a faster pace (41.4 from 42.1). At the same time, purchasing activity (52.5 from 56.1) and raw materials inventories (59.9 from 63.2) increased less while stock of finished goods went up (52.3 from 50.6). On the price front, both input price inflation (62.2 from 61.3) and output charge inflation (52.5 from 51.6) accelerated. Manufacturing Pmi in Nigeria averaged 51.39 from 2014 until 2019, reaching an all time high of 61.10 in December of 2018 and a record low of 41.90 in June of 2016.

Manufacturing Pmi in Nigeria is expected to be 57.47 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing Pmi in Nigeria to stand at 54.00 in 12 months time. In the long-term, the Nigeria Manufacturing PMI is projected to trend around 51.30 in 2020, according to our econometric models.

Nigeria Manufacturing PMI
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Nigeria Business Last Previous Highest Lowest Unit
Business Confidence 30.50 24.00 41.10 -29.00 Index Points [+]
Industrial Production -11.00 -3.30 20.10 -20.40 percent [+]
Manufacturing Production -1.70 1.30 24.60 -7.00 percent [+]
Internet Speed 3853.93 4129.28 4129.28 348.64 KBps [+]
IP Addresses 209207.00 194830.00 244394.00 29604.00 IP [+]
Leading Economic Index 45.90 45.50 53.00 45.50 percent [+]
Manufacturing Pmi 58.50 61.10 61.10 41.90 [+]
Ease of Doing Business 146.00 145.00 170.00 120.00 [+]
Corruption Index 27.00 27.00 28.00 6.90 Points [+]
Corruption Rank 144.00 148.00 152.00 52.00 [+]
Changes In Inventories 159351.20 147791.30 165871.80 32488.05 NGN Million [+]
Competitiveness Index 47.53 48.04 48.04 3.37 Points [+]
Competitiveness Rank 115.00 112.00 127.00 94.00 [+]
Composite Pmi 54.00 55.00 59.10 46.30 [+]
Capacity Utilization 54.60 54.40 60.50 48.50 percent [+]
Mining Production -20.70 0.70 48.20 -34.10 percent [+]
Services Pmi 60.10 62.30 62.30 41.00 [+]


Nigeria Manufacturing PMI

The Composite Manufacturing PMI measures the performance of the manufacturing sector and is derived from a survey of purchasing and supply executives from 13 locations in Nigeria. The survey shows the change, if any, in the current month compared with the previous month. The PMI is presented as an average of variables with the following weights: production level (25 percent), new orders (30 percent), supplier deliveries (15 percent) and employment level and inventories (20 percent). A reading above 50 indicates an expansion; below 50 represents a contraction; while 50 indicates no change. This page provides - Nigeria Manufacturing Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Manufacturing PMI - actual data, historical chart and calendar of releases - was last updated on February of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
58.50 61.10 61.10 41.90 2014 - 2019 Monthly




Country Last Previous
Australia 52.50 Jan/19
Brazil 52.70 Jan/19
Canada 53.00 Jan/19
China 48.30 Jan/19
Euro Area 50.50 Jan/19
France 51.20 Jan/19
Germany 49.70 Jan/19
India 53.90 Jan/19
Indonesia 49.90 Jan/19
Italy 47.80 Jan/19
Japan 50.30 Jan/19
Mexico 50.90 Jan/19
Netherlands 55.10 Jan/19
Russia 50.90 Feb/19
Saudi Arabia 56.20 Jan/19
Singapore 50.70 Jan/19
South Africa 49.90 Jan/19
South Korea 48.30 Jan/19
Spain 52.40 Jan/19
Switzerland 54.30 Jan/19
Turkey 44.20 Jan/19
United Kingdom 52.80 Jan/19
United States 54.90 Jan/19


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