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The Sales Managers Index: Nigeria

Released: March 21, 2017

Nigerian Economy Starts to Climb Out of Recession
  • Market Growth Index above 50 for the first time in 11 months
  • Monthly sales pick up sharply in March
  • Rate of price inflation remains substantial

March Sales Managers’ Index (SMI) data suggests that the Nigerian economy is starting to grow out of the recession which saw 10 months of consecutive contraction. The Market Growth Index grew to 53.5 in March as the monthly Sales Growth Index edged up to 51.3, its highest value since March 2016. It is too early to speculate if the recovery is built on solid fundamentals for a sustained recovery but the changes reflected are not insubstantial. Price inflation for March, which is tracked by the Prices Charged Index, remained high at 61.3 - and indicative that very high levels of inflation continue. Overall, conditions in Nigeria have improved over the past month and managers are expressing optimism that the economy will continue to grow.

Market Growth Index

Sales Growth Index

Sales Managers' Indexes Trends

Direction Speed
SMI Growing Fast
Business Confidence Growing Very fast
Market Growth Growing Solidly
Sales Output Growing 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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