Nigeria's PMI Rises to 54.0 in September Driven by Services and Agriculture Sectors

In September 2025, Nigeria's PMI increased to 54.0, showing a steady recovery in the private sector, with Stanbic IBTC's Purchasing Managers' Index rising from 53.7 in August. The growth was fueled by improvements in business confidence, stronger domestic demand, and stability in key non-oil sectors.

The manufacturing sector saw modest gains, while the agriculture sector emerged as a strong contributor to the PMI rise. Services and trade sectors remained the biggest growth drivers, with higher consumer activity and e-commerce participation.

Despite macroeconomic challenges, Nigeria's economic momentum continued in September.