Nigeria’s private sector grows despite high costs
By the AFREEQUE newsroom, based on Business Day Nigeria
Nigeria’s private-sector activity grew for a fifth consecutive month in October, with the composite PMI at 53.2 points compared with 53 in September. Rising input costs, measured at 64 points, and uneven sector performance are weakening the recovery, according to the Central Bank of Nigeria’s report.
Nigeria’s economic activity grew marginally in October, with the private-sector composite PMI at 53.2 points, compared with 53.0 in September, extending the expansion for a fifth consecutive month, according to the Central Bank of Nigeria’s (CBN) October 2026 report, cited by Business Day Nigeria. An index above 50 indicates expansion.
The growth was accompanied by rising costs, with the composite input-price index reaching 64.0 points and the output-price index 58.9 points. The improvement was also uneven: 24 of the 32 subsectors monitored by the CBN grew, while eight contracted. Chemicals and pharmaceuticals recorded a PMI of 43.4 points, transport, courier and warehousing 47.6 points, telecommunications and information services 48.2 points, and real estate 49.2 points.
Agriculture was the best-performing of the three major sectors monitored, with its PMI rising from 53.1 points in September to 54.7 in October. The results come after Nigeria’s private sector remained in expansion, published on 1 November, and Nigeria’s growth increased, reported on 3 November.
