U.S. private sector employment tops consensus in October: ADP jobs report

In October 2026, Nigeria's private sector continued its expansion trend, with the country's Purchasing Managers' Index (PMI) reaching 53.2 points, up from 53.0 points in September. This marked the fifth consecutive month of growth across the economy, driven by robust performances in agriculture and industry, despite a slight slowdown in services sector growth.

According to the Central Bank of Nigeria (CBN), all three major sectors of the economy remained above the 50-point benchmark, separating expansion from contraction. While the services sector showed signs of slowing, other sectors, particularly agriculture and industry, demonstrated resilience and growth. The industry sector expanded for the third consecutive month, with suppliers' delivery time remaining stable.

Among industrial subsectors, cement manufacturing led with the highest PMI of 60.2 points. In agriculture, the overall sector posted a PMI of 54.7 points, with livestock showing the strongest performance. The services sector, while still growing, expanded at a slower pace, with educational services performing the best among its subsectors.

The report indicated that 24 out of 32 monitored subsectors recorded growth in October, highlighting the widespread nature of the economic expansion. The rise in input and output price indices further underscored continued business challenges, as companies faced evolving cost pressures.