Nigeria’s economic expansion gained further momentum in March 2026, with the composite Purchasing Managers’ Index (PMI) recorded at 53.2 points.
This is according to the Central Bank of Nigeria (CBN).
The latest figure signals continued growth in aggregate economic activity for the sixteenth consecutive month.
The data reflects sustained resilience across key sectors despite ongoing macroeconomic challenges.
Out of the 36 subsectors surveyed, 31 recorded expansion, indicating broad-based improvements in business conditions and strengthening economic recovery nationwide.
What the report is saying
The PMI data highlights continued expansion across Nigeria’s major economic sectors, although at a slightly moderated pace.
- The composite PMI rose to 53.2 points in March 2026, indicating sustained economic growth.
- A total of 31 out of 36 subsectors recorded expansion, showing widespread improvement across the economy.
- Growth was recorded across industry, services, and agriculture, reflecting broad-based economic activity.
- The CBN noted a slight moderation in growth compared to the previous month, suggesting a slower pace of expansion.
- “PMI for March 2026 recorded a sustained expansion in economic activity across all surveyed sectors; however, the rate of growth moderated relative to the level recorded in the preceding month,” the apex bank noted.
The data confirms that while economic activity remains in expansion territory, underlying challenges continue to influence the pace of growth.
More insights
Sectoral performance showed that industry led the expansion, followed by agriculture and services, with varying degrees of growth momentum.
- The industry sector recorded a PMI of 54.0 points, with 14 of 17 subsectors expanding; output stood at 55.6, new orders at 53.1, and employment at 52.1.
- The services sector posted a PMI of 52.0 points, marking its fourteenth consecutive month of growth, with 12 of 14 subsectors expanding.
- The agriculture sector recorded a PMI of 52.8 points, extending its growth streak to 20 consecutive months, with all five subsectors in expansion.
- Key indicators such as new orders, employment, and inventories remained above the 50-point threshold across sectors, indicating sustained activity.
These trends reflect steady improvements in demand, production, and business operations across the economy.
What you should know
Despite the sustained expansion, the pace of growth showed signs of moderation, pointing to persistent macroeconomic pressures.
Nairametrics reported that PMI climbed to 56.4 points in February 2026 showing 15 consecutive months of expansion.
- Inflationary pressures, exchange rate volatility, and high borrowing costs continue to pose challenges to businesses.
- The slight slowdown suggests that while firms are expanding, the rate of improvement is easing.
- Sustaining growth will depend on improved macroeconomic stability, better foreign exchange liquidity, and stronger investor confidence.
According to the CBN, an index above 50.0 points indicates an expansion in business activities, while an index below 50.0 points signals a contraction.
