At 53.2points , Nigeria’s private sector expands for fifth month in October 2026

Nigeria’s private sector sustained its growth momentum in October 2026, with the country’s Purchasing Managers’ Index (PMI) rising marginally to 53.2 points from 53.0 points recorded in September.

The latest reading signals a fifth consecutive month of expansion in economic activity, driven by stronger performances in the agriculture and industrial sectors despite a slight moderation in services sector growth.

Data released by the Central Bank of Nigeria (CBN) showed that all three major sectors of the economy remained above the 50-point benchmark that separates expansion from contraction, indicating broad-based growth across the economy.

A closer analysis of the report’s component indices also showed improvements in some key areas of business activity, although new orders and inventories recorded slight declines compared with September.

The composite output index rose to 54.6 points in October from 53.9 points in September, indicating an improvement in reported output activity during the month.

The employment index increased to 53.2 points from 51.5 points, while the new orders index eased to 52.8 points from 53.7 points.

The stock of raw materials index slipped to 51.9 points from 52.1 points but remained above the 50-point expansion threshold.

The new export orders index improved from 48.2 to 48.8 points, while new import orders rose from 47.9 to 49.0 points, although both remained below 50 points.

The CBN explained that a PMI reading above 50 points indicates expansion in business activities, while a reading below 50 points signals contraction.

An index of exactly 50 points represents no change. On this basis, the October figures indicate that overall business activity remained in expansion, even as some individual indicators continued to show weakness.