The Central Bank of Nigeria composite PMI for the non-manufacturing sector increased to 43.3 in July 2020 from 35.7 in the previous month, pointing to a softer contraction as the country entered Phase 2 of its coronavirus lockdown exit. Slower declines were seen in all components: business activity (46.1 vs 34.3 in June); new orders (43.4 vs 32.5); export orders (31 vs 27); employment (41.1 vs 37.4) and inventories (42.7 vs 38.5). On the price front, input prices rose (50.9 vs 46.7).
Services Pmi in Nigeria averaged 52.68 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 August of 2020. source: Central Bank of Nigeria
Services Pmi in Nigeria is expected to be 45.00 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 54.00 in 12 months time. In the long-term, the Nigeria Non Manufacturing PMI is projected to trend around 56.00 points in 2021 and 58.00 points in 2022, according to our econometric models.