The Central Bank of Nigeria composite PMI for the non-manufacturing sector increased to 58.7 in April 2019 from 58.5 in the previous month. The reading pointed to expansion in the services sector for the twenty-fourth straight month and at the fastest pace since January. New orders (59.0 from 58.9 in March), business activity (58.4 from 57.8) and employment (58.7 from 57.8) advanced faster. In contrast, export orders declined at a quicker pace (38.8 from 39.4) and inventories increased more slowly (58.5 from 59.5). On the price front, input price inflation accelerated (52.1 from 50.5). Services Pmi in Nigeria averaged 52.55 from 2014 until 2019, reaching an all time high of 62.30 in December of 2018 and a record low of 41 in September of 2016.
Services Pmi in Nigeria is expected to be 59.30 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 59.50 in 12 months time. In the long-term, the Nigeria Non Manufacturing PMI is projected to trend around 61.70 in 2020, according to our econometric models.