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Nigeria's Stanbic IBTC Bank Purchasing Managers' Index (PMI) rose to 56.4 in September from 54.3 in August, its highest in more than four and a half years, the survey showed on 2 October. Output grew at the fastest rate since February 2022 in all four sectors, while a separate Central Bank of Nigeria survey showed a fourth month of expansion. Firms cited stronger demand and new products, but input-cost inflation hit a three-month high on fuel, food and raw-material prices. Stronger activity supports the bank's 22 September rate cut, though rising costs could limit further easing. September inflation data, due in mid-October, is the next test.
