The Central Bank of Nigeria composite PMI for non-manufacturing sector fell to 60.1 in January 2019 from 62.3 in the prior month. Still, the reading pointed to the twenty first consecutive expansion in services. Business activity (61.7 from 65.2 in December); new orders (60.2 from 63.1); employment (57.7 from 57.9) and inventories (60.6 from 62.8) grew at a softer pace. In terms of prices, input price inflation eased slightly (52.2 from 52.4). Services Pmi in Nigeria averaged 52.22 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 57.80 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 51.69 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.