Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, made a good recovery from 44.5 to 53.0 in February. Our partner, NOI Polls, collects the data. An index is produced in advanced economies such as by the Institute for Supply Management (ISM) in the US, larger EMs such as Brazil, China and Russia, and a large number of frontier markets. It is based upon manufacturers’ responses to set questions on core variables in their businesses. In our case, it is not seasonally adjusted. Our highest reading to date has been 68.7 in December ’17 and our lowest 43.3 during lockdown in May ’20. In our unweighted model (that of the ISM), respondents are asked whether output, employment, new orders, suppliers’ delivery times and stocks of purchases have increased over the previous month, are flat or have declined. A reading over 50 (ex 100) denotes expansion for the sector.