The Central Bank of Nigeria composite PMI for the non-manufacturing sector increased to 46.8 in October of 2020 from 41.9 in September, pointing to the 7th straight month of contraction in the non-manufacturing sector. Still, the rate of decrease was the softest in the current sequence, as business activity (48.7 vs 43.7 in September), new orders (47.8 vs 39.5), employment (44.2 vs 41.6) and inventories (46.3 vs 43.1) fell at slower rates. Meanwhile, input price pressures rose (52.6 vs 51.2). source: Central Bank of Nigeria
Services Pmi in Nigeria averaged 52.35 points from 2014 until 2020, reaching an all time high of 62.30 points in December of 2018 and a record low of 25.30 points in May of 2020. This page provides - Nigeria Services Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Non Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
Services Pmi in Nigeria is expected to be 52.00 points 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 54.50 in 12 months time. In the long-term, the Nigeria Non Manufacturing PMI is projected to trend around 54.00 points in 2021 and 56.00 points in 2022, according to our econometric models.