The Central Bank of Nigeria composite PMI for the non-manufacturing sector edged up to 58.7 in July of 2019 from 58.6 in the previous month. New orders (60.1 vs 59.2 in June) and inventories (58.9 vs 58.8) went up at a faster rate while business activity (57.6 vs 58.2) and employment (58 vs 58.3) increased less. On the other hand, new export orders (42 vs 43) and imports (43.9 vs 45.3) dropped further. Meantime, average input price inflation slowed (51.7 vs 52.1). Services Pmi in Nigeria averaged 52.85 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 58.60 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 60.20 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.