The Central Bank of Nigeria Manufacturing PMI increased to 61.1 in December of 2018 from 57.9 in the previous month. The reading pointed to the strongest expansion in factory activity since series began in 2014, as output (63.6 from 59.9 in November); new orders (62.3 from 58.1) and employment (57 from 55.4) rose at a record pace. Also, purchasing activity advanced further (56.1 from 52.2). On the price front, input price inflation (61.3 from 57.8) accelerated while output cost inflation eased (51.6 from 51.9). Manufacturing Pmi in Nigeria averaged 51.26 from 2014 until 2018, 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 56.30 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 57.37 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.