The Central Bank of Nigeria Manufacturing PMI rose to 57.4 in March 2019 from 57.1 in the previous month. The reading pointed to expansion in the manufacturing sector for the twenty-fourth consecutive month. Faster increases were seen in output (58.3 from 57.5 in February), export orders (47.9 from 39.7), employment (56.9 from 56.3), raw materials inventory (57.1 from 56.2) and stocks of finished products (60.7 from 55.4). The supplier delivery time also improved (58.4 from 58.2). Meanwhile, total new orders rose at a slightly slower pace (56.7 from 56.9) and purchasing activity weakened (51.8 from 52.1). On the price front, input price inflation softened (57.6 from 60.9) while output charge inflation continued to accelerate (62.3 from 53.7). Manufacturing Pmi in Nigeria averaged 51.60 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 57.20 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.