Nigeria’s economic activity continued its recovery in August 2026, expanding for the third consecutive month as the Central Bank of Nigeria’s (CBN) Composite Purchasing Managers’ Index (PMI) climbed to 52.7 points from 51.1 in July.
The latest CBN report indicates that business activity remained in expansion territory, with output, new orders and employment all staying above the 50-point mark that separates growth from contraction. The improvement was largely supported by stronger performances in the Services and Agriculture sectors, while Industry returned to growth after several months of contraction.
Agriculture remained the standout performer, recording a PMI of 53.4 points and extending its expansion streak to 25 consecutive months. Services also strengthened, rising to 53.3 points for its second straight month of growth, with nine of the 11 subsectors surveyed reporting expansion. Industry, meanwhile, edged back into expansion at 50.6 points, although the recovery remained uneven as only five of its 16 subsectors recorded growth.
Across the broader economy, the Output Index stood at 53.9 points, while New Orders and Employment recorded 51.8 and 52.4 points respectively. The Stock of Raw Materials Index also remained positive at 51.6 points, while the Suppliers’ Delivery Time Index increased to 53.3 points, suggesting some improvement in supply-chain efficiency.
The August figures add to recent signs of improving economic conditions in Nigeria. Stanbic IBTC had earlier reported stronger private-sector activity in August, while the National Bureau of Statistics reported that the economy grew by 4.43 per cent year-on-year in real terms in the second quarter of 2026. With agriculture and services maintaining momentum and industry showing early signs of stabilisation, the latest PMI reading suggests that economic activity is gradually gaining ground.
source: nairametrics
