Nigeria’s economic activity expands for fifth consecutive month in October as PMI hits 53.2 – CBN report
CBN
Nike Popoola
Nigeria’s economic activity expanded for the fifth consecutive month in October 2026, as the Composite Purchasing Managers’ Index (PMI) increased to 53.2 points from 53.0 points recorded in September.
According to the October 2026 PMI report of the Statistics Department, Economic Policy Directorate, Central Bank of Nigeria (CBN), 24 of the 32 subsectors surveyed recorded expansion, while eight subsectors contracted during the review period.
A breakdown of the sectoral performance showed that the Industry PMI rose to 52.6 points in October from 52.0 points in September, marking the third consecutive month of expansion in industrial activity.
Of the 16 subsectors surveyed in the industrial sector, 12 expanded, while four contracted.
The Services PMI, however, eased marginally to 52.7 points in October from 53.2 points in September, marking the fourth consecutive month of expansion in the sector.
The report showed that seven of the 11 subsectors surveyed in Services expanded, while four contracted during the period.
Agriculture remained the best-performing sector, recording a PMI of 54.7 points in October, compared with 53.1 points in September.
The sector sustained its expansion for the 27th consecutive month, with all five subsectors surveyed recording expansion during the review period.
On price movements, the report indicated that the Composite Input Price Index increased by 0.7 points, while the Output Price Index rose by 0.5 points.
A breakdown of the price indices showed that input prices increased in the Services and Agriculture sectors but declined in Industry.
Similarly, output prices increased in Industry and Agriculture but declined in the Services sector.
Overall, the October 2026 PMI results indicated continued expansion in economic activity across Industry, Services and Agriculture.
The report noted that growth strengthened in Industry and Agriculture, while Services expanded at a slightly slower pace.
Agriculture maintained its position as the best-performing sector, recording the highest PMI reading of 54.7 points during the review period.
