Nigeria’s economic activity strengthened in September, with the Central Bank of Nigeria’s (CBN) Composite Purchasing Managers’ Index (PMI) rising to 53.0 points, from 52.7 points in August.
The September reading marked the fourth consecutive month of expansion, with Industry, Services and Agriculture all remaining above the 50-point threshold that separates expansion from contraction. The CBN survey attributed the improvement largely to stronger output, new orders, employment and raw-material inventories, alongside improved supplier delivery times.
The New Orders Index recorded the greatest month-on-month improvement among the major components, rising to 53.7 points, while the Output Index stood at 53.9 points. Employment also remained in expansion territory at 51.5 points, although it moderated from the previous month.
The Stock of Raw Materials Index increased to 52.1 points, while the Suppliers’ Delivery Time Index stood at 52.7 points, indicating an improvement in supplier response times. Overall, 23 of the 32 subsectors surveyed expanded, while nine recorded contractions. Educational Services posted the strongest expansion, while Chemical and Pharmaceutical Products recorded the steepest decline.
Industry rebounds
The Industry PMI rose to 52.0 points in September, up from 50.6 points in August, extending its expansion to a second consecutive month.
Industrial output increased to 53.2 points, while New Orders and Employment stood at 51.7 and 51.1 points respectively. Raw-material inventories also returned to expansion, rising to 51.1 points from 49.4 points in August.
Ten of the 16 industrial subsectors recorded growth, led by Water Supply, Sewerage and Waste Management. Mining and Quarrying, Basic Metal, Iron and Steel, and Wood and Wood Products also recorded strong expansion.
Services maintain expansion
The Services PMI remained broadly stable at 53.2 points, compared with 53.3 points in August, extending the sector’s expansion to a third consecutive month.
Nine of the 11 services subsectors surveyed recorded growth, with Educational Services posting the strongest expansion. Professional, Scientific and Technical Services recorded the most significant contraction among the services subsectors.
Agriculture records 26th month of growth
The Agriculture PMI eased slightly to 53.1 points from 53.4 points in August but remained in expansion territory for the 26th consecutive month.
Four of the five agricultural subsectors expanded, with Livestock recording the strongest growth. Agricultural Support Services was the only subsector to contract.
Within agriculture, General Farming Activities, New Orders, Employment and Inventories remained in expansion territory, recording 54.6, 54.4, 51.4 and 52.1 points respectively.
The September PMI data indicate that economic activity entered the final quarter of 2026 on an expansionary footing, although the pace and breadth of growth varied across sectors and subsectors.
Nairametrics
