Nigeria's Composite PMI Hits 53.0 in September, Fourth Straight Month of Expansion
By Aboki Forex —
Nigeria's composite Purchasing Managers' Index rose to 53.0 points in September 2026, up from 52.7 points in August, the Central Bank of Nigeria has reported. It is the fourth consecutive month that overall economic activity has stayed above the 50-point mark that separates expansion from contraction.
Industry, Services and Agriculture all recorded expansion in the review month. The reading was supported by growth in output, new orders, employment and raw material inventories, while supplier delivery times also improved.
Output and new orders lead the gains
The CBN said New Orders posted the strongest month-on-month improvement among the major components, with the index at 53.7 points. The Output Index stood at 53.9 points and Employment came in at 51.5 points.
The Stock of Raw Materials Index expanded at 52.1 points, while the Suppliers' Delivery Time Index stood at 52.7 points, pointing to faster response times from suppliers.
Twenty-three subsectors expanded during the month, with Educational Services reporting the strongest growth. Nine subsectors contracted, and Chemical & Pharmaceutical Products recorded the steepest decline.
Industry strengthens, services hold steady
The Industry PMI rose to 52.0 points in September from 50.6 points in August, its second consecutive month of expansion. The Industry Output Index increased to 53.2 points, supported by New Orders at 51.7 points and Employment at 51.1 points. The Raw Materials Inventory Index returned to expansion at 51.1 points, compared with 49.4 points in August.
Ten of the 16 industrial subsectors recorded expansion, with Water Supply, Sewerage & Waste Management posting the strongest growth. Six industrial subsectors contracted, with Chemical & Pharmaceutical Products again recording the steepest decline.
The Services PMI stood at 53.2 points, broadly unchanged from 53.3 points in August, marking a third consecutive month of expansion. Nine of the 11 services subsectors surveyed expanded, with Educational Services posting the strongest growth. Professional, Scientific & Technical Services recorded the highest contraction.
Agriculture extends 26-month run
The Agriculture PMI slipped to 53.1 points in September from 53.4 points in August, but stayed above 50 for the 26th consecutive month. Four of the five agricultural subsectors recorded growth, with Livestock posting the strongest expansion. Agricultural Support Services was the only subsector to contract.
General Farming Activities, New Orders, Employment and Inventories remained in expansion territory at 54.6, 54.4, 51.4 and 52.1 points respectively.
The CBN also reported mixed price movements. The composite input price index rose by 0.8 points while the output price index declined by 0.5 points. Input prices increased faster than output prices in both the Services and Agriculture sectors, a gap that squeezes margins for businesses in those segments even as activity expands.