The Central Bank of Nigeria Manufacturing PMI rose to 57.9 in August of 2019, its highest since December, from 57.6 in the prior month. Faster Increases were seen in supplier delivery time (58.3 from 57.5 in July); raw materials inventories (58.7 from 56.2) and stocks of finished products (52.1 from 51.5). Meanwhile, output (58.7 from 58.9); new orders (57.1 from 57.2) and employment (57.1 from 57.3) grew at a slower pace. Also, export orders fell further (39.9 from 41.1). On the price front, both input inflation (57.0 from 59.5) and output charge inflation (50.3 from 52.2) softened. Manufacturing Pmi in Nigeria averaged 52.09 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 60.00 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 58.80 in 12 months time. In the long-term, the Nigeria Manufacturing PMI is projected to trend around 60.50 in 2020, according to our econometric models.