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Nigeria’s business activity expands for a fourth month

Nigeria’s composite purchasing managers’ index rose to 53.0 in September from 52.7 in August. Industry strengthened while services and agriculture continued to expand at a slightly slower pace. The survey covered 1,900 purchasing and supply executives, with expansion in 23 of 32 subsectors. Input-price pressure increased as the output-price indicator declined.

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A woman in an indigo shirt checks raw timber on a Nigerian workshop bench, with production equipment and unfinished furniture behind her.

Business expansion reaches its fourth month

Nigeria’s composite purchasing managers’ index (PMI), a survey of purchasing and supply executives, increased to 53.0 in September from 52.7 in August. Economic activity remained in expansion for a fourth consecutive month. The Central Bank of Nigeria’s survey covered industry, services and agriculture.[1], [2]

The survey ran from 7 to 11 September and included 1,900 executives. Of the 32 subsectors covered, 23 reported expansion and nine contraction.[1]

Industry gains pace as inventories recover

Industry recorded its second month of expansion as its index rose to 52.0 from 50.6. The industrial output indicator reached 53.2. New orders and employment increased, while the raw-material inventory measure climbed to 51.1 from 49.4, returning to expansion.[1]

Services and agriculture grow more slowly

Services remained in expansion, with the index easing to 53.2 from 53.3. Agriculture also continued expanding as its measure edged down to 53.1 from 53.4; its uninterrupted run reached 26 months. The composite input-price index increased by 0.8 points while the output-price index declined by 0.5 points.[1]

References

  1. News sourcePremium TimesNigeria’s September business activity expands as household sentiment weakens↩1↩2↩3↩4
  2. News sourceNairametricsNigeria’s September composite PMI rises to 53.0↩
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