Nigeria’s economic activities expanded for the fifth consecutive month in October 2026, as the Composite Purchasing Managers’ Index (PMI) rose to 53.2 points from 53.0 points recorded in September.

The latest PMI report released by the Central Bank of Nigeria (CBN) showed that the expansion was sustained across the three major sectors of the economy — Industry, Services and Agriculture — with Agriculture emerging as the best-performing sector.

According to the report, 24 of the 32 subsectors surveyed recorded growth during the review period, while eight experienced contraction, indicating an improvement in overall business activities.

A breakdown of the sectoral performance showed that the Industry PMI increased to 52.6 points in October from 52.0 points in September, marking the third consecutive month of expansion in the sector.

Of the 16 industrial subsectors surveyed, 12 recorded growth, while four contracted.

The Agriculture sector recorded a stronger performance, with its PMI rising to 54.7 points from 53.1 points in September, extending its uninterrupted expansion streak to 27 months.

All five agricultural subsectors surveyed recorded growth, with Livestock posting the highest index at 56.4 points, while Agricultural Support Services recorded the lowest at 52.0 points.

General Farming Activities, New Orders, Employment and Inventories also remained in expansion territory, recording 56.8, 55.6, 52.9 and 53.6 points, respectively.

Meanwhile, the Services sector recorded a slight slowdown in growth, as its PMI declined to 52.7 points in October from 53.2 points in the preceding month.

Despite the moderation, the sector maintained its expansion for the fourth consecutive month, with seven of the 11 subsectors surveyed recording growth, while four contracted.

The October figures indicate sustained expansion in Nigeria’s economic activities, although the pace of growth differed across the three major sectors.