Nigeria’s economy is keeping its rhythm steady and strong. The latest Purchasing Managers’ Index (PMI) data from the Central Bank of Nigeria (CBN) shows that business activity expanded again in September the 10th consecutive month of growth.
The index rose to 54.0 points, up from 51.7 in August, signaling a faster pace of economic expansion.
The report paints an optimistic picture of broad-based growth across the Industry, Services, and Agriculture sectors all engines of the economy firing together. This momentum suggests that the economy continues to find its footing despite inflation pressures, foreign exchange volatility, and global uncertainties.
A closer look at the breakdown shows business operations running more efficiently: the Output Index climbed to 54.8, New Orders hit 53.7, and Employment reached 53.4 — clear signs of rising demand and improved labor absorption. Even the Suppliers’ Delivery Time Index at 54.6 points signals better logistics and fewer supply chain hiccups compared to earlier in the year.
Out of the 36 subsectors surveyed, 28 reported expansions, while 8 saw slight contractions. Interestingly, the Forestry subsector led the pack with a striking 73.6 index points, suggesting renewed momentum in natural resource-linked industries.
On the flip side, Nonmetallic Mineral Products dipped to 40.7, signaling weaker performance in construction-related manufacturing.
Related