‘Agriculture, Industry drive Nigeria’s enterprise development regardless of rising prices’

Nigeria’s non-public sector recorded a fifth consecutive month of enlargement in October 2026, however rising enter and output costs are elevating considerations concerning the sustainability of the restoration and its impression on companies.

The Central Bank of Nigeria’s (CBN) newest Purchasing Managers’ Index (PMI) report confirmed that the composite index edged as much as 53.2 factors in October from 53.0 factors in September, indicating continued enchancment in enterprise actions.

Although the marginal improve alerts resilience within the economic system, the accompanying rise in enterprise prices means that firms are nonetheless battling inflationary pressures regardless of enhancing manufacturing and employment.

The composite output index elevated to 54.6 factors from 53.9 factors, whereas the employment index rose to 53.2 factors from 51.5 factors, indicating stronger manufacturing and recruitment actions.

However, new orders moderated to 52.8 factors from 53.7 factors, whereas uncooked supplies stock declined barely to 51.9 factors from 52.1 factors.

Agriculture maintained its place because the strongest-performing sector, extending its enlargement streak to 27 consecutive months. All 5 agricultural sub sectors recorded development, with livestock main at 56.4 factors.

Industry additionally recorded its third consecutive month of enlargement, with 12 of the 16 subsectors surveyed rising. Cement manufacturing led industrial efficiency at 60.2 factors, whereas chemical and pharmaceutical merchandise contracted at 43.4 factors.

In providers, seven of the 11 sub sectors expanded, with instructional providers recording the strongest efficiency at 60.2 factors. Arts, leisure and recreation remained in contraction at 47.1 factors.

Commenting on the broader October enterprise circumstances, Muyiwa Oni, Head of Equity Research, West Africa, at Stanbic IBTC Bank, recognized rising gas and transportation prices as main components pushing up working bills for Nigerian companies.