NIGERIA PMI - Steady economic growth as PMI reaches 37 states
Steady economic growth as PMI reaches 37 states
The Central Bank of Nigeria (CBN) released July Purchasing Managers’ Index data, showing that economic momentum in the country is little changed month-on-month. Whilst the manufacturing sector expanded at a slower pace (from 57.0 to 56.8), the non-manufacturing sector accelerated mildly (from 57.5 to 57.7).
The manufacturing sector expanded more slowly as all sub-indices save for Supplier Delivery Times decelerated in the month. Meanwhile, Quantity of Purchases made by manufacturers rebounded (51.1) after a contraction in June (47.6), pointing to a healthy stock of raw material for future industrial production. Manufacturing growth was broad-based, as all but one (Plastic & Rubber Products) of fourteen sectors expanded in the month. The non-manufacturing sector expanded at a quicker pace, driven by more rapid growth in all sub-indices save for New Orders. Likewise, all but one (Management of Companies) of seventeen sectors expanded in the month.
We do not anticipate much change in economic momentum for the rest of this quarter. As we move close to elections, policy will take a back seat to electioneering and managers may become more cautious. However, government expenditure and campaign spending should support economic momentum, with sectors more closely linked to the public sector and campaign outlays likely to benefit the most.
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