Nigeria’s PMI Improves To 52.9 Reading
Nigeria’s Purchasing Manufacturing Index turned positive at 52.9 reading in October, from a negative reading of 47.9 in September.
The uptick in the manufacturing level according to FBN Quest, was driven by an improvement in all five sub-indices, in October.
FBN Quest is projecting a further contraction of -1.7 percent in the third quarter of 2016, but says the figure could be better, if the oil economy surprises on the upside.
The analysts expect a flat GDP for the fourth quarter of 2016.