Nigeria’s private sector maintained its growth momentum in February 2026 as the Central Bank of Nigeria (CBN) Purchasing Managers’ Index (PMI) rose to 56.4 points, marking the 15th consecutive month of expansion in business activities.
The latest PMI reading reflects continued improvement in economic conditions across major sectors of the economy, including industry, services, and agriculture, driven largely by increased production, new orders, employment, and inventory growth.
According to the CBN report, 30 of the 36 subsectors surveyed recorded expansion during the month, indicating broad-based growth in private sector activities.
The industry sector recorded the strongest performance with a PMI of 56.8 points, supported by increases in output, new orders, and employment levels. The sector’s output index stood at 59.6 points, while new orders and employment indices were recorded at 56.3 and 54.4 points respectively, reflecting stronger demand and rising workforce engagement.
The services sector also sustained its growth trajectory, posting a PMI of 55.3 points to mark its 13th consecutive month of expansion. Out of the 14 subsectors surveyed in the sector, 13 recorded growth, with educational services leading the expansion, while professional, scientific and technical services was the only segment that contracted during the period.
Similarly, the agriculture sector maintained positive performance with a PMI reading of 56.5 points, extending its growth streak to 19 consecutive months as farming and agribusiness activities improved.
The PMI is a key economic indicator used to measure the performance of the private sector. A reading above 50 points indicates expansion, while a reading below that level signals contraction in economic activity.
The sustained rise in the index underscores strengthening business confidence and continued recovery across key sectors of Nigeria’s economy.
