CBN PMI Hits 56.4 in February, Marking 15 Months of Continuous Economic Expansion
Nigeria’s economic momentum continued in February 2026, with the Central Bank of Nigeria’s (CBN) composite Purchasing Managers’ Index (PMI) climbing to 56.4 points. This marks the fifteenth consecutive month of expansion in aggregate economic activity, highlighting sustained recovery across key sectors, according to the latest report from the apex bank.
The PMI report revealed that growth in February was broad-based, spanning industry, services, and agriculture. Out of 36 subsectors surveyed, 30 recorded expansion, supported by increases in production, new orders, employment, and inventory levels. This widespread improvement underscores the resilience and depth of Nigeria’s private sector recovery.
The industrial sector recorded the strongest performance, posting a PMI of 56.8 points. Improvements in output, new orders, employment, and inventory growth drove the sector’s expansion. Notably, the Output index reached 59.6 points, while the Suppliers’ Delivery Time index stood at 58.0 points, reflecting faster supply chain responses and stronger production activity.
Services and agriculture also maintained positive momentum during the month. The services sector’s PMI rose to 55.3 points, with 13 of 14 subsectors showing growth. Educational services led the expansion, while the professional, scientific, and technical services subsector posted a minor contraction. Meanwhile, agriculture sustained its nineteenth consecutive month of growth with a PMI of 56.5 points, signaling continued strength in farming operations.
Analysts note that the PMI is a forward-looking indicator of the health of the private sector, capturing changes in output, new orders, employment, supplier delivery times, and inventories. With readings above 50 signaling expansion, the February 2026 results demonstrate that Nigeria’s economic recovery is not only sustained but gaining depth, reflecting improved business confidence and labor engagement across multiple sectors.
source: nairametrics