September PMI shows stronger economic expansion— CBN report
CBN
Nike Popoola
Nigeria’s economic activity strengthened in September 2026, with the Composite Purchasing Managers’ Index (PMI) rising to 53.0 points from 52.7 points in August, according to the latest PMI report released by the Statistics Department, Economic Policy Directorate of the Central Bank of Nigeria (CBN).
The September reading extended the expansion in overall economic activity to a fourth consecutive month, with 23 of the 32 subsectors surveyed recording growth, while nine subsectors reported declines.
The Industry PMI recorded the strongest improvement among the three major sectors, rising to 52.0 points in September from 50.6 points in August. The reading marked the second consecutive month of expansion in industrial activity.
According to the report, 10 of the 16 industrial subsectors surveyed recorded expansion during the month, while six contracted.
The Services PMI remained broadly stable at 53.2 points in September, 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, while two reported declines.
The Agriculture PMI stood at 53.1 points in September, slightly lower than the 53.4 points recorded in August. Despite the marginal decline, the sector sustained its expansion for the 26th consecutive month.
Growth in agriculture was broad-based, with four of the five subsectors surveyed recording expansion during the review period.
The CBN said the September PMI also showed changes in price pressures, as the Composite PMI input price index increased by 0.8 points, while the output price index declined by 0.5 points, largely driven by price movements in the industrial sector.
Overall, the September PMI indicated a strengthening recovery in economic activity, supported by sustained expansion in the Services and Agriculture sectors and improved performance in the Industry sector.
