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. Manufacturing Pmi in Nigeria averaged 52.18 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 60.00 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 60.50 in 2020, according to our econometric models.