The Central Bank of Nigeria Manufacturing PMI rose to 57.8 in May 2019 from 57.7 in the previous month. The reading pointed to expansion in the manufacturing sector for the twenty-sixth straight month and at the quickest pace since January, as output (59.1 from 58.8 in April) and employment (57.3 from 57.0) increased faster. Meanwhile, slower rises were seen for total new orders (56.9 from 57.2); raw materials inventory (56.8 from 57.5); stocks of finished goods (51.5 from 54.4) and purchasing activity (51.5 from 57.3). At the same time, export orders continued to decline (37.7 from 37.4). On the price front, input price inflation (62.2 from 60.2) accelerated while output charge inflation eased slightly (52.3 from 52.4). Manufacturing Pmi in Nigeria averaged 51.81 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 57.50 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 59.60 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.