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. Manufacturing Pmi in Nigeria averaged 51.99 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.