World Economics - Insight , Analysis and Data

World Economics - Measuring the World Economy

The Sales Managers Index: Nigeria

Released: December 20, 2016

Nigerian Economy Enters 4th Consecutive Quarter of Recession
  • Business Confidence falls to lowest level on record
  • Market activity continues to fall
  • Price inflation continues at destructive levels

December data for the Nigeria Sales Managers’ Index (SMI) which measures growth across the country, reflects a continuation of the recession gripping the country. Persistent low oil prices, weak currency exchange rates, falling sales and rampant levels of inflation are putting increasing pressure on businesses as they slash profit margins and reduce workforces to survive. Business confidence has fallen steadily for 4 years and is now at the lowest level recorded in the survey history. The Market Growth Index for December was 43.4, well below the 50.0 ‘no change level’ that separates growth from contraction. Overall, conditions in Nigeria remain challenging with little sign that the economy will exit recession over the coming few months.

Sales Growth Index

Staffing Levels Index

Sales Managers' Indexes Trends

Direction Speed
SMI Growing Slowly
Business Confidence Growing Fast
Market Growth Falling Fast
Sales Output Falling Fast
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.

Receive next month’s report early:

Your email address:

© Copyright World Economics Ltd. 2017