Nigeria's Economic Activity Grows for Fourth Month in September

In September 2026, Nigeria's economic activity continued to expand for the fourth consecutive month, primarily fueled by growth in the Services and Agriculture sectors, alongside a strengthening Industrial sector. The Central Bank of Nigeria's Purchasing Managers' Index (PMI) reported a rise to 53.0 points from 52.7 points in August, indicating ongoing expansion in business activities.

The report highlighted that 23 of the 32 surveyed subsectors experienced growth, while nine contracted. The Services sector's PMI was at 53.2 points, with nine out of eleven subsectors recording growth, particularly in Educational Services.

Agriculture's PMI slightly moderated to 53.1 points, marking 26 months of expansion, with Livestock showing the strongest growth. Industrial activity also improved, with the Industry PMI increasing to 52.0 points, supported by a rise in the Output Index to 53.2 points.

Overall, the data reflects a broad-based recovery in Nigeria's economy, with sustained growth across key sectors.