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The Sales Managers Index: Nigeria

Released: April 18, 2017

Nigerian Economy Now Out of Recession and Growing Strongly 
  • Market Growth Index at highest level in over a year
  • Monthly sales pick up sharply in April
  • Rate of price inflation remains substantial but continues to moderate

April Sales Managers’ Index (SMI) data suggests that the Nigerian economy is continuing to grow out of the recession which saw 10 months of consecutive contraction in 2016. The Market Growth Index grew to 58.5 in April as the monthly Sales Growth Index ticked up to 56.7, its highest value since 2015 and representative of rapid growth. Price inflation for April, which is tracked by the Prices Charged Index, remained high at 58.7 - indicative of high levels of inflation, however a slowing trend has developed for the past 9 months. Panelists have explained that although conditions remain difficult for businesses, they are adapting to the challenges and the recent changes to the Naira’s FX rate are aiding sales transactions. Overall, conditions in Nigeria have improved further over the past month and managers are expressing renewed optimism that the economy will continue to grow and regain strength after the recession.



Headline Sales Managers’ Index



Sales Growth Index



Market Growth Index



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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