Nigeria’s business activity strengthened in September as the Purchasing Managers’ Index (PMI) rose to 54.0 from 51.7 in August, marking the 10th consecutive month of expansion, according to the Central Bank of Nigeria (CBN).

The positive reading reflects growth across key sectors industry, services, and agriculture as firms reported higher output, employment, and new orders.

The industrial sector rebounded to 51.4, driven by output recovery in printing and manufacturing. Services remained strong at 54.7, led by gains in educational and professional services. Agriculture maintained steady growth with a PMI of 54.8, its 14th straight month of expansion, boosted by solid performance in forestry.

However, inflationary pressures persist. Input costs remained high, with the Input Price Index at 64.2 compared to an Output Price Index of 59.9, showing that rising production expenses continue to squeeze margins.

Analysts say the data underscores Nigeria’s ongoing economic recovery but warn that high inflation, energy costs, and currency volatility could slow future growth.