Nigeria’s private sector sustained its growth momentum in October, recording a fifth consecutive month of expansion as stronger performances in agriculture and industry offset a slowdown in services, despite rising production costs.
The latest Purchasing Managers’ Index (PMI) report released by the Central Bank of Nigeria (CBN) showed that the composite PMI increased marginally to 53.2 points in October from 53.0 points recorded in September.
The reading, which remained above the 50-point benchmark separating expansion from contraction, indicated continued improvement in overall business conditions during the month.
However, the marginal increase in business activity came amid rising input and output prices, suggesting that businesses continued to contend with cost pressures even as production and employment improved.
According to the report, the composite output index rose to 54.6 points in October from 53.9 points in the preceding month, while the employment index increased to 53.2 points from 51.5 points.
The improvement in employment suggests that businesses increased their workforce during the review period, reflecting stronger operational activities across several sectors.
However, the new orders index, which provides an indication of future business activity, declined to 52.8 points from 53.7 points in September.
