The Central Bank of Nigeria composite PMI for the non-manufacturing sector rose to a four-month high of 58.9 in May 2019 from 58.7 in the previous month. It marks the twenty-fifth month of expansion in the services sector, as business activity (59.2 from 58.4 in April) and inventories (59.3 from 58.5) grew much faster. In contrast, softer increases were recorded for total new orders (58.6 from 59.0) and employment (58.5 from 58.7) while export orders continued to fall (39.8 from 38.8). In terms of prices, input price inflation slowed (51.3 from 52.1). Services Pmi in Nigeria averaged 52.66 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.