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.
Sources
- Stanbic IBTC / S&P Global via FX.co: https://www.fx.co/en/forex-news/3205565
- Leadership: https://leadership.ng/private-sector-growth-hits-4-year-high-as-pmi-rises-to-56-4-in-september/
- Nairametrics (CBN composite PMI): https://nairametrics.com/2026/10/02/nigerias-composite-pmi-rises-to-53-0-in-september-marks-fourth-month-of-expansion-cbn/
- The Rio Times: https://www.riotimesonline.com/african-pulse-for-friday-october-2-2026/