Nigeria’s PMI shows business expansion while household sentiment falls, CBN reports
September 2026 Composite PMI rose to 53.0 from 52.7, marking the fourth straight month of expansion
In Brief
- •September 2026 Composite PMI rose to 53.0 from 52.7, marking the fourth straight month of expansion
- •23 of 32 subsectors expanded, 9 declined, with industry PMI up to 52.0 and services PMI at 53.2
- •Household sentiment indices fell sharply, with Overall Consumer Sentiments Index at -18.7 versus -9.9 in August
- •Inflation eased to 15.39% in August 2026, down from 15.43% in July
- •Composite input price index increased by 0.8 points, signalling rising input cost pressures
Why It Matters
The PMI’s upward trend signals a broadening recovery in Nigeria’s private sector, suggesting that businesses are gaining momentum across industry, services, and agriculture. However, the sharp decline in household sentiment indicates growing consumer pessimism, which could dampen future demand and investment. Rising input price pressures may offset gains in output and could influence inflationary expectations, affecting monetary policy decisions and the cost of living for Nigerians.
Key Details
- Composite PMI
- 53.0
- Overall Consumer Sentiments Index
- -18.7
- Inflation (August 2026)
- 15.39%
- Composite Input Price Index Change
- +0.8 points
- Subsectors Expanded
- 23 of 32
Context & Background
The Purchasing Managers’ Index (PMI) is a leading economic indicator released monthly by the Central Bank of Nigeria, summarising business activity across industry, services, and agriculture sectors.
Original Reporting & Sources
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