Nigeria’s economy continued to expand in September 2026, with the Central Bank of Nigeria’s Composite Purchasing Managers’ Index (PMI) rising to 53.0 points from 52.7 points in August. This marked the fourth consecutive month of growth in overall economic activity.
The CBN said 23 of the 32 subsectors surveyed reported expansions, while the remaining nine recorded declines in business activity.
The Industry PMI strengthened to 52.0 points from 50.6 points in August, the second consecutive month of expansion in industrial activity. Ten of the 16 industrial subsectors expanded, while six contracted.
The Services PMI was broadly stable at 53.2 points, compared with 53.3 points in August, reflecting a third straight month of expansion in the sector. Nine of the 11 subsectors surveyed reported growth, while two recorded declines.
The Agriculture PMI stood at 53.1 points, slightly lower than the 53.4 points recorded in August. The reading nonetheless marked the twenty-sixth consecutive month of expansion in the sector. Growth was broad-based, with four of the five subsectors expanding during the period.
On prices, the Composite PMI input price index rose by 0.8 points in September, while the output price index fell by 0.5 points. The CBN said this was driven mainly by price movements in the industry sector.
Overall, the central bank said the September PMI points to a strengthening recovery in economic activity, supported by sustained expansion in the Services and Agriculture sectors and improved performance in Industry.
