Latest data from the Central Bank of Nigeria (CBN) has shown that Nigeria’s economic activity sustained a strong growth momentum in January 2026, with the CBN’s composite Purchasing Managers’ Index (PMI) rising to 55.7 points.
The PMI report released by the CBN shows that there was expansion for the fourteenth consecutive month
The PMI is a key forward-looking indicator used to assess the health of the private sector, capturing changes in output, new orders, employment, supplier delivery times, and inventories. A reading above 50 points signals expansion, while readings below that threshold indicate contraction.
The data shows broad-based improvement in business conditions at the start of the year, with expansion recorded across most sectors and subsectors of the Nigerian economy, reinforcing signs of a gradually strengthening recovery.
The January PMI reading remained comfortably above the 50-point benchmark that separates expansion from contraction, indicating continued improvement in output, demand, and business confidence across agriculture, industry, and services.
The latest PMI data highlights widespread economic expansion across key segments of the economy during the review period. Out of the 36 subsectors captured in the CBN survey, 31 recorded growth, underscoring the breadth of the recovery.
The composite PMI stood at 55.7 points in January 2026, marking the fourteenth consecutive month of expansion.
The industry sector posted a PMI of 56.0 points, with 14 of the 17 industrial subsectors recording growth in production and related activities.
The services sector recorded a PMI of 54.5 points, extending its expansion streak to twelve consecutive months, with 12 out of 14 subsectors reporting growth.
Agriculture recorded a PMI of 54.2 points, marking the eighteenth straight month of expansion, with all five agricultural subsectors surveyed posting positive growth.
Overall, the PMI readings point to sustained demand conditions and improving operating environments across multiple layers of the economy, reinforcing optimism around near-term economic performance.
Sectoral performance data from the January PMI survey reveals notable resilience across the three major pillars of the economy, despite lingering structural constraints.
The industry sector’s expansion reflects sustained activity in manufacturing and related segments, supported by steady demand and improved production conditions.
In the services sector, continued growth points to resilience in trade, transportation, and professional services, which have remained critical drivers of economic activity.
The agriculture sector’s prolonged expansion streak highlights consistent improvements in farming output, agro-processing, and value-chain-related activities, suggesting greater stability in food production and rural economic engagement.
The CBN noted that the broad-based expansion across agriculture, industry, and services reflects improving business confidence, supported by stable demand conditions and a gradual recovery in supply-side dynamics.
According to the apex bank, the performance of the PMI aligns with its broader objective of fostering price stability while supporting sustainable economic growth.
In December 2025, Nigeria’s private sector expanded at its fastest pace with the composite PMI rising to 57.6 points.
That December reading represented the strongest PMI performance of the year, reflecting heightened economic activity across sectors and setting a positive tone for the start of 2026.
