Nigeria’s Manufacturing Sector Contracts Amid Cement Decline

Nigeria’s manufacturing business activity dropped by approximately 10 per cent in September 2026, primarily due to a contraction in the cement subsector and poor performance across multiple industries, according to the Nigerian Economic Summit Group (NESG).

The NESG’s Business Confidence Monitor (BCM) reported that the manufacturing Current Business Performance Index (CBPI) declined to 108.4 points in September, down from 120.4 points in August, driven by ongoing cost pressures, limited credit availability, and operational difficulties.

Despite the manufacturing downturn, overall business activity continued to expand, with the composite CBPI increasing to 117.8 points in September, compared to 112.7 points in August and 107.9 points in September 2025. Expansion was noted across all major sectors, with trade showing the strongest growth.