Nigeria’s economic recovery gained further momentum in September 2026 as increased industrial activity and continued resilience in the services and agricultural sectors pushed the country’s composite Purchasing Managers’ Index (PMI) to 53.0 points.
The Central Bank of Nigeria (CBN) PMI report, released during the weekend, showed that the composite PMI rose from 52.7 points in August to 53.0 points in September, extending the expansion in overall economic activity to a fourth consecutive month.
Key Highlights
- Nigeria’s composite PMI rose from 52.7 points in August to 53.0 points in September 2026.
- 23 of 32 economic subsectors surveyed recorded growth.
- Industry PMI jumped from 50.6 to 52.0 points in September.
- Services PMI remained in expansion territory at 53.2 points.
- Agriculture recorded its 26th consecutive month of expansion at 53.1 points.
- Rising input costs continued to put pressure on businesses despite overall economic growth.
PMI is a monthly economic indicator used to assess the health and direction of economic activity across the manufacturing and services sectors.
According to the CBN, 23 of the 32 economic subsectors surveyed recorded expansions in business activity in September, while nine reported declines.
Industrial Sector Drives September Growth
A major driver of the September improvement was the industrial sector, which recorded a sharp rebound during the month.
The Industry PMI rose to 52.0 points from 50.6 points in August, marking the sector’s second consecutive month of expansion.
The CBN said 10 of the 16 industrial subsectors surveyed recorded positive growth during the period.
Services Sector Remains In Expansion
The services sector recorded a slight decline in September but remained firmly in expansion territory and continued to support overall economic activity.
The Services PMI stood at 53.2 points in September, compared with 53.3 points in August. The sector remained in expansion for the third consecutive month.
Growth was broad-based within the sector, with nine of the 11 subsectors surveyed recording expansion.
Agriculture Records 26th Consecutive Month Of Growth
The agricultural sector also maintained its long-term growth trend, recording a PMI of 53.1 points in September, slightly below the 53.4 points recorded in August.
The performance marked the sector’s 26th consecutive month of expansion, with four of its five surveyed subsectors recording growth.
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Rising Input Costs Put Pressure On Businesses
Despite the improvement in overall economic activity, the CBN PMI report pointed to growing pressure on corporate profitability as input costs increased while output prices declined.
The apex bank reported that the Composite PMI input price index increased by 0.8 points in September, while the output price index declined by 0.5 points, largely due to price movements in the industrial sector.
The trend suggests that businesses are facing higher costs for raw materials and logistics while having limited room to increase prices amid efforts to sustain consumer demand.
The CBN said the September PMI reflected a strengthening recovery in economic activity, supported by continued expansion in the services and agricultural sectors and improved performance in industry.
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