Nigeria’s economic activity sustained a strong growth momentum in February 2026 as the Central Bank of Nigeria’s (CBN) composite Purchasing Managers’ Index (PMI) climbed to 56.4 points.
This is according to the latest PMI report released by the apex bank.
The figure signals expansion in aggregate economic activity for the fifteenth consecutive month.
The report further showed that growth remained broad-based across key sectors of the economy, with industry, services, and agriculture all recording expansion during the period.
What the data is saying
The CBN’s latest PMI report shows that 30 out of the 36 subsectors surveyed recorded growth in February, highlighting widespread improvement across economic sectors. The expansion was supported by increases in production levels, new orders, employment, and inventory accumulation.
- “The composite PMI for February 2026 stood at 56.4 points, signaling expansion in aggregate economic activity for the fifteenth consecutive month.”
- “Out of the 36 subsectors covered in the survey, 30 experienced expansion in economic activities.”
- “The continued expansion reflects sustained growth momentum in the economy, supported by increases in production, new orders, employment, and inventory levels.”
The data indicate that Nigeria’s economic activities continued to strengthen in February, with most subsectors posting positive growth.
More Insights
The Industry sector recorded the strongest performance during the month, posting a PMI of 56.8 points and showing expansion across all key indicators.
The sector’s performance was driven by improvements in output, new orders, employment levels, and inventory growth.
- The Output index rose to 59.6 points, reflecting stronger production activity during the month.
- The New Orders and Employment indices stood at 56.3 points and 54.4 points respectively, indicating improved demand and labour engagement.
- The Raw Materials Inventory index recorded 54.4 points, signaling expansion in input stock levels.
- The Suppliers’ Delivery Time index stood at 58.0 points, suggesting improved supply chain efficiency and faster delivery responses from suppliers.
Out of the 17 industry subsectors surveyed, 13 recorded expansion while four posted marginal contractions, although the declines were not strong enough to offset the sector’s overall growth.
Nigeria’s services and agriculture sectors also sustained expansion during the month, reflecting continued improvement in business activities and farming operations.
The services sector posted a PMI of 55.3 points, marking its thirteenth consecutive month of growth.
- The Business Activities (Output) index in the services sector stood at 56.4 points, while the New Orders index recorded 56.7 points.
- The Employment index stood at 54.1 points, while the Inventory index recorded 54.0 points, both signaling expansion.
- Thirteen out of the fourteen subsectors surveyed recorded growth, with Educational Services posting the highest expansion.
- The Professional, Scientific and Technical Services subsector was the only segment that recorded contraction during the month.
The agriculture sector also sustained its expansion streak, recording a PMI of 56.5 points and marking the nineteenth consecutive month of growth.
What you should know
In January, CBN reports that Nigeria’s economic activity sustained a strong growth momentum in January 2026.
The Purchasing Managers’ Index 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 continued expansion across a wide range of subsectors suggests Nigeria’s economic recovery is gaining depth and resilience.
