Economic Activity Expands for Fourth Month as PMI Hits 53 Points
Festus Akanbi Nigeria’s economic activity expanded for the fourth consecutive month in September, with the composite Purchasing Managers’ Index (PMI) rising to 53.0 points, as stronger industrial performance supported continued
Nigeria's economic activity expanded for the fourth consecutive month in September, as indicated by the composite Purchasing Managers' Index (PMI) rising to 53.0 points, according to the Central Bank of Nigeria's (CBN) PMI report. The index increased from 52.7 points in August, driven by improvements in output, new orders, employment, and raw material inventories.
However, the stronger headline reading masked uneven performance, with nine subsectors contracting and input prices rising faster than output prices in services and agriculture. Despite the continued expansion in activity, the report showed divergent price movements, with the composite input price index rising.
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