PMI Report: Manufacturing, Agriculture Lead Growth in Employment in October
Dike Onwuamaeze The Nigerian economy witnessed increased employment in the agriculture and manufacturing categories and a decline in the services and trade sectors in October 2026. This is contained in
In the final quarter of 2026, the Nigerian economy experienced job growth in the agriculture and manufacturing sectors, while employment declined in the services and trade industries, according to the Purchasing Managers' Index (PMI) report published by Stanbic IBTC Bank Nigeria. This month's PMI reading stood at 55.7, indicating a continued expansionary phase for the business environment.
Despite rising price inflation, driven by increased fuel and transportation costs, new orders and output maintained positive growth. Highlighting this, Head of Equity Research West Africa, Stanbic IBTC Bank, Mr. Muyiwa Oni, noted that business conditions have remained favorable for the ninth consecutive month. The report also revealed that prices of building materials, food, and other goods increased, while staff costs saw only a modest rise, attributable to efforts to encourage employees and cope with higher living expenses.
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