‘How Nigeria’s economy expanded 55.7 points for 14th consecutive time’
Nigeria’s economic activities have maintained a strong growth momentum in January 2026 as the Central Bank of Nigeria’s (CBN) composite Purchasing Managers’ Index (PMI) climbed to 55.7 points The new report signals the economy’s expansion for the fourteenth consecutive month, according to the latest Purchasing Managers’ Index report released by the Central Bank of Nigeria. […]
Nigeria’s economic activities have maintained a strong growth momentum in January 2026 as the Central Bank of Nigeria’s (CBN) composite Purchasing Managers’ Index (PMI) climbed to 55.7 points
The new report signals the economy’s expansion for the fourteenth consecutive month, according to the latest Purchasing Managers’ Index report released by the Central Bank of Nigeria.
The data points to broad-based improvement in business conditions at the start of the year, with expansion recorded across most sectors and subsectors of the Nigerian economy.
Highlight of the report
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.
Further checks showed that the 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 activities.
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.
Background
The 2026 PMI report comes on the heels of the 2025 report, showing a trend of sustained private sector expansion.
The earlier report show how private sector expanded when composite PMI rose 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.
Although the January outcome was slightly lower, it however shows that the momentum has been maintained rather than drop.The consistency of PMI readings above the 50-point threshold over several months suggests that economic expansion is becoming more entrenched rather than episodic