Nigeria’s business activity strengthened in September 2026, but households became more pessimistic about economic conditions, finances and prices, according to new reports by the Central Bank of Nigeria (CBN).

The CBN’s September Purchasing Managers’ Index (PMI) showed that overall economic activity expanded for the fourth consecutive month, with the Composite PMI rising to 53.0 points from 52.7 points in August.

The survey, conducted between 7 and 11 September among 1,900 purchasing and supply executives across the Industry, Services and Agriculture sectors, showed that 23 of the 32 subsectors surveyed recorded expansion, while nine declined.

The improvement was supported by stronger industrial activity, with the Industry PMI rising to 52.0 points in September from 50.6 points in August, marking a second consecutive month of expansion.

The sector’s Output Index also rose to 53.2 points, supported by increases in new orders and employment, while the Raw Materials Inventory Index returned to expansion at 51.1 points from 49.4 points in August.

The Services sector remained in expansion at 53.2 points, compared with 53.3 points in August, while the Agriculture PMI eased slightly to 53.1 points from 53.4 points.

The regulatory body said agriculture had now recorded 26 consecutive months of expansion.

However, the improvement in business activity was accompanied by renewed pressure on input prices.

The Composite input price index increased by 0.8 points in September, while the output price index declined by 0.5 points.

CBN said the September PMI pointed to a “broadening recovery” in economic activity, although the renewed increase in input price pressures warranted close monitoring.

Household expectations

Meanwhile, the picture was less positive among households. In a separate report, CBN’s September Household Expectations Survey, it was revealed that the Overall Consumer Sentiments Index fell sharply to -18.7 points from -9.9 points in August, indicating increased pessimism about the economy.

The Economic Conditions Index stood at -21.5 points, while the Family Financial Situation Index was -23.9 points and the Family Income Sentiments Index stood at -10.5 points.

This indicates a pessimistic outlook on current economic conditions among households and regarding their family financial situation.

Also, the report showed that Nigerian households also reported stronger concerns about prices.

The average price sentiment index rose to 33.5 points from 23.0 points in August, indicating that respondents perceived prices as remaining high. Among the selected items, households reported the lowest perceptions of price changes for food and telecommunication services.

The Central Bank said households expected price pressures to remain elevated over the next three and six months, with the price outlook indices standing at 29.7 and 28.4 points, respectively.

Meanwhile, Nigeria’s headline inflation eased marginally to 15.39 per cent in August 2026 from 15.43 per cent in July, according to the National Bureau of Statistics (NBS), while month-on-month inflation fell more sharply to 0.71 per cent from 1.57 per cent.

CBN said the respondents’ cautious mood was also reflected in household spending intentions, with food remaining the dominant expenditure priority, followed by transportation, other household goods, education, and electricity and water.

It said households remained particularly reluctant to make major purchases. The sentiment indices for house purchases, motor vehicles, investments and consumer durables were all negative, at -68.2, -67.3, -50.7 and -49.5 points, respectively.

Buying conditions also remained weak, with the index for consumer durables at 24.8 points and that for motor vehicles and buildings and landed properties at 24.2 points, all below the 50-point threshold.

The survey further showed that 61.1 per cent of respondents believed faster price increases would weaken the Nigerian economy, while 62.2 per cent preferred lower lending rates.

However, 45.1 per cent favoured higher interest rates when they were presented as a means of containing inflation, while 44.8% preferred lower interest rates, even at the cost of rising inflation.

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Despite the weak September sentiment, households expected confidence to improve gradually, with the Overall Consumer Sentiments Index projected at -8.7 points next month, -0.4 points over the next three months and 7.1 points over the next six months.

The contrasting findings suggest that while business conditions continued to improve in September, households remained under pressure from high prices, interest rates and concerns about their finances.

The regulatory body said households remained cautious during the month, with subdued buying conditions and purchase intentions pointing to persistent concerns about household finances and economic conditions.

There was a time when giving out personal information meant writing your name and phone number on a form, handing over a photocopy of an identity card or filling in an address on a paper document.

That world is disappearing. Today, Nigerians routinely enter personal information into banking apps, shopping platforms, ride-hailing services, social networks, entertainment platforms and government websites. Sometimes it happens several times a day, often without much thought.

A banking app may ask for identity details. A ride-hailing app wants your location. An online store needs your address. A social platform may ask for access to your photographs, microphone or contacts. And then there are the less obvious requests.

That world is disappearing. Today, Nigerians routinely enter personal information into banking apps, shopping platforms, ride-hailing services, social networks, entertainment platforms and government websites. Sometimes it happens several times a day, often without much thought.

An app wants access to your entire contact list. Another wants continuous access to your location. Yet another asks for an identity number that appears to have little connection with what you are trying to do. At some point, a reasonable question arises: how much information is too much?

Nigeria’s data protection framework offers a surprisingly straightforward starting point.

The answer is not “whatever the app asks for”. The Nigeria Data Protection Commission (NDPC) says personal data should be processed fairly, lawfully and transparently. It should be collected for specified and legitimate purposes and should be “adequate, relevant, and limited to the minimum necessary” for the purpose for which it is being processed.

That last part is important. It is known as data minimisation, and it essentially means that because an organisation can collect a particular piece of information does not mean that it should.

For ordinary users, the principle offers a useful question whenever a digital service asks for information: why does it need this?

If the answer is clear and connected to the service, the request may make sense. If the explanation is vague, users may want to pause before clicking “allow”.

Personal data: Every app has a reason for collecting our information

There is no universal list of information that every digital service should be allowed to collect. The answer depends on what the service actually does.

A bank needs information that allows it to identify customers, comply with financial regulations and provide banking services. A ride-hailing platform needs a user’s location to match passengers with drivers. A delivery company needs an address if it is going to deliver something to your doorstep. Those are relatively easy to understand.

The questions become more interesting when an application begins asking for information that does not appear essential to the service.

Why does a calculator need access to your contacts?

Why does a simple application need continuous access to your location?

Why does a service unrelated to photography need access to your entire photo library?

There may sometimes be legitimate technical explanations. But the point of data minimisation is precisely that organisations should be able to connect the information they collect to a legitimate purpose.

The NDPC’s own privacy policy reflects this broader approach. Personal information should be collected for specified, explicit and legitimate purposes, retained only for as long as necessary and protected against unauthorised or unlawful processing, loss, destruction or damage.

In other words, clicking “I agree” does not turn privacy into a free-for-all.

The questions become more interesting when an application begins asking for information that does not appear essential to the service. Why does a calculator need access to your contacts? Why does a simple application need continuous access to your location? Why does a service unrelated to photography need access to your entire photo library? There may sometimes be legitimate technical explanations. But the point of data minimisation is precisely that organisations should be able to connect the information they collect to a legitimate purpose.

Your NIN deserves a different level of caution

The issue becomes more serious when the information being requested is a powerful identifier such as the National Identification Number.

The National Identity Management Commission (NIMC) has warned Nigerians against indiscriminate disclosure of their NIN.

Its advice is direct: “The NIN should be closely guarded by individuals and not revealed to all and sundry except to relevant authorities when requested.” That warning matters in an economy increasingly built around digital identity.

A NIN is not simply another phone number or email address. It can serve as an important identifier linking an individual to different services and records. This means Nigerians may need to become more selective about who receives it and why.

The same thinking applies to other sensitive information, including bank verification details, biometric information, passport details and financial records.

The convenience of completing an online registration should not automatically outweigh the consequences of unnecessarily distributing information that can be difficult to replace once exposed.

The problem with data is that it can travel

When personal information is given to an organisation, most users assume it will stay within the organisation’s systems and be used for the purpose they had in mind. That is not always how the digital world works.

Information can move between systems. It can be shared with service providers. It can remain in databases for years. It can be exposed through cyberattacks or compromised through poor security practices.

In 2024, digital rights organisation Paradigm Initiative raised concerns after reporting the discovery of websites allegedly offering sensitive personal and financial information belonging to Nigerians for as little as ₦100.

The reported information included NIN, BVN, virtual NIN, driving licence, international passport, Tax Identification Number, Permanent Voter’s Card and telephone numbers.

Paradigm Initiative called for stronger measures to protect Nigerians’ personal information. The episode illustrates an uncomfortable reality of the digital economy: once information has been collected, the individual no longer has complete control over where it sits or who might eventually gain access to it.

That is why the question of privacy does not end with the user. It also belongs to the organisation holding the data.

When personal information is given to an organisation, most users assume it will stay within the organisation’s systems and be used for the purpose they had in mind. That is not always how the digital world works. Information can move between systems. It can be shared with service providers. It can remain in databases for years. It can be exposed through cyberattacks or compromised through poor security practices. In 2024, digital rights organisation Paradigm Initiative raised concerns after reporting the discovery of websites allegedly offering sensitive personal and financial information belonging to Nigerians for as little as ₦100.

Privacy is not simply about secrecy

It is easy to think of data privacy as something that matters only to people who have something to hide. That is too narrow a view. Privacy is also about control.

Who knows your identity? Who knows where you live? Who knows where you travel? Who has your financial information? Who can connect several apparently unrelated pieces of information and build a detailed picture of your life?

The more information an organisation holds, the greater the potential consequences if that information is misused, exposed or retained unnecessarily.

For some categories of information, there is another problem: you cannot simply change them.

A password can be replaced. A compromised NIN is a different proposition. So is exposed biometric information.

This is one reason why data minimisation matters beyond regulatory compliance. It can also be understood as a basic form of digital risk management.

Nigerian law gives consumers more control

Nigeria’s data protection framework is anchored by the Nigeria Data Protection Act 2023, which established the NDPC as the country’s independent data protection regulator.

The framework provides data subjects with a number of rights concerning their personal information.

These include the right to know how their data is being processed, to access personal information, to request correction of inaccurate information and, in applicable circumstances, to request erasure.

There are also provisions dealing with matters such as objection to certain processing, data portability and automated decision-making.

This is worth remembering because privacy policies can sometimes feel like contracts written for someone else.

They are often long. The language can be technical. And the temptation is to scroll to the bottom and click “accept”. But accepting a privacy policy does not mean that an organisation is suddenly exempt from its obligations under Nigeria’s data protection framework.

Companies and public institutions still have responsibilities concerning how personal information is collected, processed, stored and shared.

The five-second pause

There is a simple habit that could make digital life slightly safer. Before giving an app access to something personal, pause for a few seconds. Ask what it needs the information for.

If a service asks for your location, is the location necessary for the service?

If it wants access to your contacts, does the feature genuinely require them?

If it requests your NIN, is there a legitimate reason for the organisation to have it?

If you refuse, does the service still work?

And, perhaps most importantly, what happens to the information after you have handed it over?

These questions do not require technical expertise. They are simply the digital equivalent of asking someone why they need a copy of your identity document before handing it over.

The responsibility cannot rest entirely with users

There is a danger in making privacy sound like another problem that ordinary Nigerians must solve for themselves. The person downloading an app is only one part of the equation. Organisations that collect personal information have responsibilities too.

The NDPC’s data protection principles cover purpose limitation, data minimisation, accuracy, storage limitation and security, among other requirements. The framework can also apply in specified circumstances to organisations outside Nigeria that process the personal data of people in Nigeria.

That is significant because Nigerians increasingly interact with digital companies headquartered elsewhere. A person in Lagos may bank through a local institution, shop through an international platform, communicate through a global social network and store files on an overseas cloud service, all within the same day.

Data does not respect national borders simply because the person generating it lives in Nigeria.

Digital transformation needs trust

Nigeria’s digital economy cannot function without data. Banks need customer information. Healthcare platforms need patient records. E-commerce companies need delivery details. Telecommunications operators need subscriber information. Government services increasingly depend on digital identity.

The objective, therefore, cannot realistically be to stop collecting personal information. The more useful question is whether the information being collected is necessary, proportionate, properly protected and used for the purpose for which it was obtained.

That is where the principle of data minimisation becomes particularly relevant. Personal information should be “adequate, relevant, and limited to the minimum necessary” for the purpose for which it is processed.

It is a relatively simple idea for an increasingly complicated digital economy. NIMC’s caution about protecting the NIN reinforces it from the identity-management perspective. Concerns raised by Paradigm Initiative about exposed Nigerian data demonstrate the consequences that can follow when sensitive information ends up in the wrong hands.

For consumers, the lesson is equally straightforward. The next time an app asks for access to something personal, there is no harm in pausing before clicking “allow”.

The question is not whether the app wants your data. It probably does. The better question is whether it genuinely needs it.