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The Sales Managers Index: Nigeria

Released: February 21, 2017

Nigerian Economy Experiences Headwinds on the Road to Recovery
  • Market Growth Index ends run of 4 consecutive months of rises
  • Monthly sales continue to pick up
  • Rate of price inflation remains substantial in February

February data for the Nigeria Sales Managers’ Index (SMI), which measures growth across the country paused in February with an index reading of 48.5 but continues to be very close to the level that separates growth from contraction. The economy remains in recession but managers are reporting renewed business confidence on the back of improving sales as represented by the Sales Growth Index (47.7), up from a low (36.8) in October. Price inflation for February, which is tracked by the Prices Charged Index, remained very high at 61.4 – down slightly from the 62.0 reported in January and indicative of very high levels of inflation. Overall, conditions in Nigeria remain challenging but managers are expressing optimism that the country will pull out of its yearlong recession within the next few months.

Market Growth Index

Sales Growth Index

Sales Managers' Indexes Trends

Direction Speed
SMI Growing Modestly
Business Confidence Growing Fast
Market Growth Falling Slowly
Sales Output Falling Slowly
Prices Charged Growing Fast
Staffing Levels Falling Fast

Prices Charged Index

About Nigerian SMI Data

The Sales Managers Index provide the earliest monthly data on the speed and direction of Nigerian economic activity.

Key advantages of the Nigeria SMI:
  • The SMI provides the first indication each month of the speed and direction of economic growth in Nigeria .
  • The SMI provides the most complete indication of growth, covering all private sector activity.
  • The SMI is based on a key occupational group - uniquely able to sense changes in business activity levels.
  • The SMI is composite index of business confidence, market growth, sales, prices charged and staffing levels.
  • The SMI is a diffusion index, any index value above 50 indicates growth and below 50 indicates contraction.

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