NIGERIA PMI - Record manufacturing reading in September
Record manufacturing reading in September
Economic activity improved in September with Purchasing Managers’ Index (PMI) numbers showing strong readings across both the manufacturing and non-manufacturing sectors. Manufacturing activity expanded at a record pace of 55.3 in September (August: 53.6) amidst stronger growth in all components of the index, indicating the widespread improvement in industrial activity in the country. Non-Manufacturing PMI was similarly strong in the month (September: 54.9; August: 54.1), expanding at the quickest pace in nearly three years. Business Activity (56.8) and Incoming Business (55.4) were particularly strong in this sector as underlying consumer demand firmed up during the month.
Consistent improvement in economic activity in Q3’17 indicate another quarter of positive GDP growth. We expect annual GDP growth of 2.5% for the quarter, boosted by stronger oil output, steady improvements in industrial activity, and a weaker Q3’16 base. Meanwhile, anticipated capex disbursement should be a boon in Q4’17, along with softer labour market conditions which could prove a mini-catalyst for consumer demand in the economy.
Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.