Nigeria's PMI Reaches 53.2, Indicating Continued Growth

In October 2026, Nigeria's private sector maintained its growth trajectory, as indicated by the Purchasing Managers' Index (PMI) which rose to 53.2 points from 53.0 in September. This marks the fifth consecutive month of expansion in economic activity, driven primarily by the agriculture and industrial sectors, despite a slight slowdown in the services sector.

The Central Bank of Nigeria (CBN) reported that all three major sectors remained above the 50-point threshold, indicating broad-based growth. The Industry PMI increased to 52.6 points, with twelve of the sixteen surveyed subsectors showing expansion.

Cement manufacturing was the standout performer with a PMI of 60.2 points. The agriculture sector recorded a PMI of 54.7 points, with livestock leading at 56.4 points.

Although the services sector continued to grow, it experienced a slight decline in momentum, with seven of eleven subsectors expanding. Overall, the data reflects a gradual recovery in manufacturing and production activities.