LAGOS (Sundiata Post) – The Nigerian Non-Manufacturing Purchasing Manager Index (PMI) came in at 44.3 in April of 2016 compared to 45.4 in March, shrinking for the fourth consecutive month.
The Composite Non-Manufacturing PMI measures the performance of the non -anufacturing sector and is derived from a survey of purchasing and supply executives from selected states across the country. The survey shows the change, if any, in the current month compared with the previous month in terms of production level, new orders, supplier delivery time, employment level and raw materials inventory.
Business activity (44.2 from 46.3 in March), level of new orders, customers, incoming business received (42.2 from 44.7 points) and employment (43.3 from 43.9) declined at a faster pace, whereas raw materials (46.5 from 47.1) fell slower than in March.
Services PMI in Nigeria averaged 49.95 from 2014 until 2016, reaching an all- time high of 54 in February of 2015 and a record low of 44.30 in February of 2016. Services PMI in Nigeria is reported by the Central Bank of Nigeria.
A reading above 50 indicates an expansion of the private sector activity compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Nigeria Non-Manufacturing PMI hits 44.3points
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