The Central Bank of Nigeria composite PMI for the non-manufacturing sector fell to 58.0 in September 2019 from 58.8 in the previous month. The reading pointed to the slowest expansion in the country's services sector since last October, amid softer rises in business activity (57.2 from 58.2 in August), new orders (58.4 from 59.6) and inventories (58.5 from 59.8). Also, export orders decreased faster (42.4 from 44.1) while imports fell at a slower pace (45.7 from 45.2). On a more positive note, employment increased further (58.0 from 57.8). In terms of prices, input cost inflation edged higher (51.9 from 51.2). Services Pmi in Nigeria averaged 53.03 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 61.00 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 58.70 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.