October 13, 2026/CSL Report
The Purchasing Managers’ Index (PMI) expanded for the fourth consecutive month in September 2026, according to the latest report by the Central Bank of Nigeria (CBN). Composite PMI rose to 53.0 points from 52.7 points in August, signaling a continued recovery in economic activity following contractions in April and May, when the index recorded 49.4 and 49.6 points, respectively. A reading above the 50.0-point threshold indicates expansion, while a reading below it signals contraction.
Sectoral performance was broadly positive, although the pace of growth varied. The Agriculture PMI eased to 53.1 points from 53.4 points in August, extending its expansion streak to 26 consecutive months. Similarly, the Services PMI moderated marginally to 53.2 points from 53.3 points, marking a third consecutive month of expansion. In contrast, the Industry PMI strengthened significantly to 52.0 points from 50.6 points, indicating an improvement in industrial activity and a second consecutive month of growth. The stronger industrial reading suggests a gradual recovery in production-related activity, complementing the sustained expansion in Agriculture and Services.
At the sub-indicator level, new orders strengthened to 53.7 points from 51.8 points in August, indicating improved demand conditions. Raw material inventories also rose to 52.1 points from 51.6 points, while the Suppliers’ Delivery Time Index moderated to 52.7 points from 53.3 points. Meanwhile, the Employment Index declined to 51.4 points from 52.4 points, suggesting that hiring momentum softened despite continued expansion. Overall, the indicators point to improving demand and inventory conditions, although the moderation in employment and suppliers’ delivery times warrants monitoring.
Looking ahead, we expect economic activity to sustain its expansionary trajectory in the near term, supported by continued momentum in Agriculture and Services and a gradual recovery in Industry. However, the pace of growth will depend on the resilience of domestic demand, firms’ ability to manage input costs and supply-chain constraints, and the extent to which stronger new orders translate into sustained output growth and
improved employment conditions.
Click here to download full report: CSL Nigeria Daily – 13 October – PMI