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 (NGX: STANBIC)'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.