Nigeria’s composite PMI rises to 53.0 in September, marks fourth month of expansion – CBN

Nigeria’s composite Purchasing Managers’ Index (PMI) rose to 53.0 points in September 2026, marking the fourth consecutive month of expansion in overall economic activity.

This is according to the Central Bank of Nigeria (CBN).

The composite PMI increased from 52.7 points in August, with Industry, Services and Agriculture all recording expansion during the review month.

The September reading was supported by growth in output, new orders, employment and raw material inventories, while supplier delivery times also improved.

Composite PMI reaches 53.0 points

The CBN said the September composite PMI indicated continued expansion across the economy, with New Orders recording the strongest month-on-month improvement among the major components.

• The Output Index stood at 53.9 points, while New Orders and Employment indices recorded 53.7 and 51.5 points respectively.
• The Stock of Raw Materials Index expanded at 52.1 points, while the Suppliers’ Delivery Time Index stood at 52.7 points, indicating improved supplier response times.
• Twenty-three subsectors recorded expansion during the month, with Educational Services reporting the strongest growth.
• Nine subsectors contracted, with Chemical & Pharmaceutical Products recording the steepest decline.

The broad-based expansion across the three major sectors kept the composite PMI above the 50-point threshold that separates expansion from contraction.

Industry PMI strengthens in September

The Industry PMI rose to 52.0 points in September from 50.6 points in August, marking a second consecutive month of expansion in industrial activity.

• 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.
• The Suppliers’ Delivery Time Index stood at 52.7 points, indicating improved supply chain efficiency and faster supplier delivery times.

Ten of the 16 industrial subsectors recorded expansion, with Water Supply, Sewerage & Waste Management posting the strongest growth.

Six industrial subsectors contracted during the month, with Chemical & Pharmaceutical Products recording the steepest decline.

Services sustain three-month expansion

The Services PMI stood at 53.2 points in September, broadly unchanged from 53.3 points in August and marking a third consecutive month of expansion in services activity.

• Nine of the 11 services subsectors surveyed recorded expansion in September.
• Educational Services posted the strongest expansion among the services subsectors.
• Professional, Scientific & Technical Services recorded the highest contraction.

The Services sector therefore maintained the expansionary trend that began in July, despite the marginal decline from its August reading.

Agriculture expands for 26th month

The Agriculture PMI declined slightly to 53.1 points in September from 53.4 points in August but remained above the 50-point threshold 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 during the review month.
• 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 during September, with the composite input price index rising 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 during the month.