Central Bank of Nigeria reports October composite PMI rise to 53.2 as expansion extends to fifth month

The Central Bank of Nigeria published its October 2026 Purchasing Managers' Index (PMI) report, showing the composite index rising to 53.2 points from 53.0 in September and marking a fifth consecutive month of expansion. Growth strengthened in industry and agriculture but moderated in services, while composite input and output price indices increased. Overall, 24 of the 32 subsectors surveyed expanded and eight contracted. Readings above 50 indicate expansion. Agriculture recorded the highest sector reading, climbing to 54.7 points from 53.1 and extending its expansion to 27 consecutive months, with all five subsectors expanding. The industry PMI increased to 52.6 from 52.0, marking a third consecutive month of growth. Services eased to 52.7 from 53.2 but remained in expansion for a fourth consecutive month. Services output and employment continued to grow, while new orders and inventories expanded more slowly. Across the three sectors, the composite output, new orders and employment indices remained above 50 at 54.6, 52.8 and 53.2 points, respectively. The composite input price index rose by 0.7 points to 64.0, while the output price index increased by 0.5 points to 58.9. Input price indices increased in services and agriculture but eased in industry. Output price indices rose in industry and agriculture but declined in services.