The Central Bank of Nigeria Manufacturing PMI rose to 60.8 in December 2019 from 59.3 in the previous month, signalling the fastest expansion in factory activity since December last year. Improvements were observed in output (61.8 from 60.1 in November); new orders (61.5 from 59.4); employment (58.0 from 57.7); raw material inventories (62.4 from 60.6) and quantity of purchases (57.0 from 55.8). In contrast, export orders declined at a faster pace (39.1 from 41.0). In terms of prices, both input inflation (59.2 from 59.3) and output charge inflation (51.9 from 53.1) softened somewhat. Manufacturing Pmi in Nigeria averaged 52.51 points from 2014 until 2019, reaching an all time high of 61.10 points in December of 2018 and a record low of 41.90 points in June of 2016. source: Central Bank of Nigeria

Manufacturing Pmi in Nigeria is expected to be 57.80 points 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 58.10 in 12 months time. In the long-term, the Nigeria Manufacturing PMI is projected to trend around 60.30 points in 2020, according to our econometric models.

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Nigeria Manufacturing PMI

Actual Previous Highest Lowest Dates Unit Frequency
60.80 59.30 61.10 41.90 2014 - 2019 points Monthly

News Stream
2019-11-28
Nigeria Manufacturing PMI at 11-Month High
The Central Bank of Nigeria Manufacturing PMI rose to 59.3 in November 2019 from 58.2 in the previous month. The reading pointed to the fastest expansion in factory activity since December, amid increases in output (60.1 from 59.3 in October); new orders (59.4 from 57.9); employment (57.7 from 56.8); raw material inventories (60.6 from 58.6) and quantity of purchases (55.8 from 53.7). Also, export orders declined at a slightly slower pace (41.0 from 40). On the price front, both input inflation (59.3 from 58.4) and output charge inflation (53.1 from 52.1) accelerated.

2019-10-31
Nigeria Manufacturing PMI at 9-Month High
The Central Bank of Nigeria Manufacturing PMI rose to 58.2 in October 2019 from 57.7 in the previous month. The reading pointed to the fastest expansion in factory activity since January, amid increases in output (59.3 from 58.5 in September), new orders (57.9 from 57.2), employment (56.8 from 56.6) and raw materials inventories (58.6 from 58.1). In addition, export orders declined slightly less (40.0 from 39.0). On the price front, input inflation eased (58.4 from 58.8) while output charge inflation quickened (52.5 from 51.9).

2019-09-24
Nigeria Manufacturing PMI Edges Down in September
The Central Bank of Nigeria Manufacturing PMI dropped to 57.7 in September of 2019 from 57.9 in the previous month. Output (58.5 from 58.7 in August), employment (56.6 from 57.1) and raw materials inventories (58.1 from 58.7) rose less despite total new orders increased slightly faster (57.2 from 57.1). In addition, export orders fell at a sharper pace (39.0 from 39.9). On the price front, both input cost inflation (58.8 from 57.0) and output charge inflation (51.9 from 50.3) strengthened.

2019-08-26
Nigeria Manufacturing PMI at 8-Month High
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.

2019-07-31
Nigeria Factory Sector Grows Faster in July
The Central Bank of Nigeria Manufacturing PMI increased to 57.6 in July of 2019 from a three-month low of 57.4 in the previous month. New orders (57.2 vs 55.9 in June) and stock of finished goods (51.5 vs 51.1) rose faster while production (58.2 vs 59.3) and employment (57.3 vs 57.5) went up at a softer pace. Meantime, new export orders dropped further (41.1 vs 38). On the price front, both input inflation (59.5 vs 62.7) and output price inflation (52.2 vs 52.4) slowed.

2019-07-02
Nigeria Factory Activity Growth at 3-Month Low in June
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.


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.

Nigeria Business Last Previous Highest Lowest Unit
Business Confidence 30.30 29.00 41.10 -29.00 points [+]
Industrial Production -2.90 4.70 20.10 -20.40 percent [+]
Manufacturing Production 2.00 4.70 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 60.80 59.30 61.10 41.90 points [+]
Crude Oil Rigs 17.00 20.00 20.00 3.00 [+]
Ease of Doing Business 131.00 146.00 170.00 120.00 [+]
Corruption Index 27.00 27.00 28.00 6.90 Points [+]
Corruption Rank 144.00 148.00 152.00 52.00 [+]
Changes In Inventories 156043.05 146816.73 178909.34 32488.05 NGN Million [+]
Competitiveness Index 48.33 47.53 48.33 3.37 Points [+]
Competitiveness Rank 116.00 115.00 127.00 94.00 [+]
Composite Pmi 56.80 57.70 59.10 46.30 points [+]
Capacity Utilization 55.00 54.60 60.50 48.50 percent [+]
Services Pmi 62.10 60.10 62.30 41.00 points [+]
Mining Production 5.70 5.70 48.20 -34.10 percent [+]