Nigeria’s economy continued its recovery in October as the composite Purchasing Managers’ Index (PMI) rose to 55.4, up from 54.0 in September. This marks the 11th straight month of expansion, driven by stronger activity in industry, services, and agriculture.

All major sectors remained above the 50-point benchmark, with agriculture leading at 55.7, followed by services at 55.6 and industry at 54.2. Overall, 25 of 36 subsectors reported growth, reflecting broad improvement.

While momentum remains positive, cost pressures persist—particularly in agriculture, where input prices continue to outpace output prices. The Central Bank emphasized that the PMI represents business sentiment and serves as an early indicator of economic trends.

October’s reading reinforces Nigeria’s gradual but sustained economic recovery. Visit www.jocomms.com for more news.