Nigeria’s private sector recorded its strongest growth in more than four years in September, as stronger customer demand and increased orders pushed businesses to produce more goods and services. At the same time, the National Counter Terrorism Centre (NCTC), under the Office of the National Security Adviser (ONSA), continues to deepen engagement with the private sector as part of a broader whole-of-society approach to national security.
The latest Stanbic IBTC Bank Purchasing Managers’ Index (PMI) showed that the headline index climbed to 56.4 points in September from 54.3 points in August, marking its highest level since February 2022. A reading above 50 indicates expansion, meaning private-sector activity strengthened significantly during the month.
Stronger Demand Drives Business Expansion
The improvement was largely driven by stronger customer demand and rising new orders.
New orders increased for an eighth consecutive month, recording their fastest growth since February 2022. As businesses received more orders, they responded by increasing output across the sectors covered by the survey.
Moreover, companies increased their purchasing of raw materials and other inputs to keep pace with rising workloads. Some businesses also increased inventories in anticipation of further demand.
Consequently, the stronger demand did not remain limited to sales. It moved through production, purchasing, inventories and employment, creating a broader improvement in private-sector activity.
Growth Spreads Across Key Sectors
The September expansion was broad based, with agriculture, manufacturing, wholesale and retail, and services all recording growth.
This development is important because a stronger private sector can support economic activity through increased production, business investment and employment.
However, companies still face cost pressures, meaning that stronger sales do not automatically translate into stronger profit margins. Businesses must continue to manage input costs, financing conditions and operational expenses while responding to growing demand.
NCTC’s Whole-of-Society Approach
Beyond economic performance, the private sector also has a role to play in Nigeria’s wider national development and security framework.
The NCTC operates on a whole-of-government and whole-of-society model that brings together government agencies, armed forces, security and law-enforcement bodies, the private sector, civil society, academia and other stakeholders.
This approach recognises that national security extends beyond traditional military and law-enforcement operations.
Businesses operate across communities, transportation networks, telecommunications systems, financial channels and supply chains. Therefore, responsible cooperation between businesses and security institutions can provide additional channels for identifying threats, protecting critical infrastructure and strengthening community resilience.
Connecting Economic Activity With Security
The relationship between economic growth and security is particularly important as businesses expand their operations.
When companies increase production, hire workers and move goods across the country, they depend on secure roads, functioning markets, reliable communications and stable communities.
Consequently, efforts to improve security can support the environment in which businesses operate, while responsible private-sector participation can strengthen broader security efforts.
The NCTC has increasingly pursued partnerships with civil society and other stakeholders as part of its counter-terrorism and prevention strategy. In September, for example, the Centre partnered with the Network of Civil Society Organisations in Borno State to strengthen cooperation among government, civil society and communities.
Stronger Businesses Need a Safer Operating Environment
The latest PMI figures provide evidence of improving business activity, but sustaining that momentum will require more than stronger consumer demand.
Businesses need an environment where employees can travel safely, goods can move efficiently and investments can operate without disruption.
Therefore, security remains an important component of the broader economic conversation.
For the NCTC, stronger engagement with private-sector organisations can create additional opportunities for information sharing, awareness building and preventive security initiatives.
Employment Could Benefit From Rising Demand
The September PMI also recorded an increase in employment, although the pace of job creation remained modest. Some companies relied on temporary workers to handle specific projects and increased workloads.
Nevertheless, sustained growth in orders could encourage businesses to expand their workforce further if demand remains strong.
That could become particularly important for young Nigerians seeking employment opportunities as businesses increase production and expand their operations.
At the same time, employment growth can contribute to stronger communities when workers gain stable incomes and businesses develop new opportunities.
Economic Growth and National Resilience
Nigeria’s private-sector expansion and the NCTC’s wider stakeholder strategy represent different aspects of the country’s development agenda, but both highlight the importance of stronger institutions and coordinated action.
A growing economy needs secure communities, while effective security also benefits from economic stability and cooperation across society.
Therefore, the private sector can contribute not only through investment, production and employment but also through responsible engagement with national security initiatives.
The Road Ahead
The September PMI provides an encouraging indication that Nigerian businesses are experiencing stronger demand and expanding activity after several challenging periods.
However, maintaining that momentum will require continued attention to inflation, operating costs, infrastructure, financing and consumer purchasing power.
Meanwhile, the NCTC’s continued engagement with businesses and other stakeholders highlights the importance of treating national security as a shared responsibility.
Ultimately, stronger economic activity and stronger national security can reinforce each other. As businesses expand and create more opportunities, a coordinated security environment can help protect that progress, while deeper cooperation between the public and private sectors can contribute to a more resilient Nigerian economy.
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