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.