Purchasing Managers’ Index Sustains Uptrend with Faster Growth Rate

The Central Bank of Nigeria on Wednesday, 27th March 2019 released the Purchasing Managers’ Index (PMI) report for March 2019 with the report indicating an expansion in the Manufacturing and Non-Manufacturing sectors for the twenty-fourth and twenty-third consecutive month respectively.

The consistent improvement in PMI readings which stood at 57.4 points for the Manufacturing and 58.5 points for the Non-Manufacturing sector reflected the respective faster monthly growth rate seen in 11 out of 14 subsectors and 14 out of 17 subsectors surveyed in each sector.

The faster expansion was particularly driven by the surge in foreign inflows which has also translated to stable access to FX by businesses as well as an improvement in gross domestic production to 1.9% as at FY:2018 (highest in 3 years). Given this reading, we expect positive momentum in the economy to remain, especially for Q1:2019 GDP performance.