The Central Bank of Nigeria Manufacturing PMI edged down to 57.4 in June 2019 from 57.8 in the previous month. The reading pointed to expansion in the manufacturing sector for the twenty-seventh straight month, but at the softest patch since March, as total new orders growth slowed (55.9 from 56.9 in May). Meanwhile, output (59.3 from 59.1), employment (57.5 from 57.3) and quantity of purchases (52.1 from 51.5) advanced faster. Also, export orders fell slightly less (38 from 37.7). On the price front, both input inflation (62.7 from 62.2) and output charge inflation (52.4 from 52.3) quickened. Manufacturing Pmi in Nigeria averaged 51.90 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 57.60 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 60.00 in 2020, according to our econometric models.