Report: Agriculture, Manufacturing Lead in Output Expansion as Price Inflation Ticks Higher – THISDAYLIVE

Dike Onwuamaeze

Agriculture and manufacturing took the lead in output expansion as price inflation ticks higher in August.

This is reported in the Purchasing Managers’ Index (PMI) of the Stanbic IBTC, which showed that the headline index rose to 54.3 in August, up from 52.5 in July.

This, according to the report, signalled a solid monthly strengthening in the health of the Nigerian private sector.

It said the latest improvement was the largest in just over two-and-a-half years, and only equal with that seen in March 2025.  

“August data pointed to stronger expansions in both output and new orders in the Nigerian private sector. Output increased across all four broad sectors covered by the survey, with rates of expansion particularly marked in the agriculture and manufacturing categories. Business activity increased for 21 successive months, and at a marked pace that was the fastest since May,” the report said.

It said that key factors leading to the latest rise in output higher new orders were the introduction of new products and some firms’ effort to grow activity.   

“The provision of new products and improving customer demand meanwhile contributed to a sharp increase in new orders. New business has now risen in seven successive months, with the latest expansion the joint-strongest in just over two-and-a-half years, equal with that seen in August 2025,” the PMI said.

It reported that input costs have continued to rise sharply in August, with companies raising their selling prices accordingly.

The latest rise in overall input prices was slightly faster than in the previous survey period.

According to the report, manufacturing posted the…