CBN: Nigeria PMI hits 53.2 in October, fifth straight month of expansion
Nigeria's private sector sustained expansion for a fifth consecutive month as the CBN's Purchasing Managers' Index rose to 53.2 in October from 53.0 in September. All three major sectors—Agriculture (54.7), Industry (52.6), and Services (52.7)—remained above the 50-point expansion threshold, with 24 of 32 subsectors growing.
Agriculture led for the 27th straight month at 54.7, driven by Livestock (56.4) and Forestry (55.3). Industry posted its third consecutive month of growth at 52.6, with Cement manufacturing strongest at 60.2 while Chemical and Pharmaceutical Products contracted at 43.4. Services growth moderated to 52.7 from 53.2, though Educational Services surged to 60.2—tied for highest across the economy—while Arts, Entertainment and Recreation slipped to 47.1.
Employment improved significantly to 53.2 from 51.5, signaling increased hiring. Composite output rose to 54.6 from 53.9. However, new orders eased to 52.8 from 53.7, and input prices climbed to 64.0 (up from 63.3), with Agriculture input costs surging to 68.3. Output prices also rose to 58.9, suggesting businesses are passing some costs forward.
The survey covered 1,851 purchasing executives nationwide. Broad-based expansion with rising employment is positive, but persistent input price pressures above 60 across all sectors signal ongoing inflationary challenges.
With hiring up but input costs climbing, will your business absorb margin pressure or adjust pricing—and can demand sustain at higher price points?