Nigeria’s economic activity maintained strong growth momentum in January 2026, with the Central Bank of Nigeria’s (CBN) composite Purchasing Managers’ Index (PMI) rising to 55.7 points, marking the fourteenth consecutive month of expansion.
This is according to the latest PMI report released by the apex bank, which shows broad-based improvement in business conditions across agriculture, industry, and services.
The index remained well above the 50-point threshold separating expansion from contraction, indicating continued gains in output, demand, and business confidence. Of the 36 subsectors surveyed, 31 recorded growths, underscoring the breadth of the recovery.
Sectoral data showed the industry PMI at 56.0 points, with 14 of 17 subsectors expanding production and related activities.
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The services sector posted 54.5 points, extending its expansion run to twelve consecutive months, as 12 of 14 subsectors reported growth.
Agriculture recorded 54.2 points, marking its eighteenth straight month of expansion, with all five surveyed subsectors showing positive activity.
Overall, the readings point to sustained demand conditions and improving operating environments across key segments of the economy, reinforcing optimism about near-term performance despite persistent structural constraints.
The industry sector’s growth reflects continued activity in manufacturing and allied segments supported by stable demand, while services expansion highlights resilience in trade, transport, and professional services — key drivers of economic output.
Agriculture’s prolonged expansion streak signals steady improvements in farming output, agro-processing, and value-chain activity, suggesting greater stability in food production and rural engagement.
The CBN said the broad-based expansion reflects improving business confidence supported by stable demand and gradual recovery in supply-side dynamics, noting that the PMI trend aligns with its objective of maintaining price stability while supporting sustainable growth.
January’s reading builds on strong momentum recorded at the end of 2025, reinforcing the trajectory of sustained private-sector expansion.
