The Central Bank of Nigeria composite PMI for the non-manufacturing sector increased to 58.4 in November of 2018 from 57 in the previous month. The figure pointed to the fastest expansion in the non-manufacturing sector since January, as business activity (60.4 from 58.3 in October); new orders (57.5 from 56.4) and employment (56.2 from 55.7) rose further. Meanwhile, new export continued to fall (38.7 from 39.7), remaining in contraction territory. On the price front, input price inflation accelerated (52.6 from 50.7). Services Pmi in Nigeria averaged 51.88 from 2014 until 2018, reaching an all time high of 62.10 in December of 2017 and a record low of 41 in September of 2016.
Services Pmi in Nigeria is expected to be 57.30 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services Pmi in Nigeria to stand at 57.89 in 12 months time. In the long-term, the Nigeria Non Manufacturing PMI is projected to trend around 52.75 in 2020, according to our econometric models.