CBN Report: PMI Climbs To 53.2 Points In October
The overall economic activity in the country has expanded for the fifth consecutive month in October, as the Central Bank of Nigeria’s (CBN) Composite Purchasing Managers’ Index (PMI) inched up to 53.2 points in October 2026 from 53.0 points in the preceding month.
Specifically, the apex bank’s latest PMI report, released on Wednesday, stated that: “The Composite PMI rose from 53.0 points in September to 53.2 points in October 2026, marking a fifth consecutive month of expansion in overall economic activity. This is driven by expansions recorded in the Industry, Services and Agriculture sectors.”
The report further said that of the 32 subsectors surveyed, twenty-four subsectors expanded while eight contracted.
It also stated that: “The Industry PMI rose to 52.6 points in October 2026 from 52.0 points in September, marking a third consecutive month of expansion in industrial activity. Twelve of the sixteen (16) subsectors surveyed expanded, while four contracted.”
According to the report, the Services PMI eased marginally to 52.7 points in October 2026 from 53.2 points in September, “marking a fourth consecutive month of expansion.” It stated that of the 11 subsectors of this sector that were surveyed, seven expanded while four contracted.
The report said that the Agriculture PMI expanded for the twenty-seventh consecutive month in October 2026, rising to 54.7 points up from 53.1 points in the preceding month. It said all of this sector’s five subsectors expanded during the review period.
It added that: “A further breakdown of the 32 subsectors across the Industry, Services and Agriculture Sectors showed that twenty-four (24) subsectors expanded in October 2026, with Educational Services and Cement recording the highest PMI at 60.2 points respectively.
“Eight (8) subsectors contracted in October 2026. Chemical & Pharmaceutical Products recorded the lowest PMI at 43.4 points.
On the input and output price indexes, the report said: “In October 2026, the Composite input price index rose by 0.7 points and the output price index by 0.5 points. Industry input prices eased, while Services and Agriculture input price indices increased.”
“The Composite input price index rose to 64.0 points, while the output price index stood at 58.9 points,” it added.
