Nigeria's PMI Rises to 52.7, Economic Activity Expands

In August 2026, Nigeria's economic activity expanded for the third consecutive month, as reported by the Central Bank of Nigeria (CBN). The Composite Purchasing Managers’ Index (PMI) rose to 52.7 points from 51.1 points in July, indicating further improvement in business activity.

This expansion is primarily supported by the Services and Agriculture sectors, along with a return to growth in Industry, which recorded a PMI of 50.6 points. Key components such as output, employment, and new orders remained above the 50-point threshold, signaling ongoing expansion.

The Output Index was at 53.9 points, New Orders at 51.8 points, and Employment at 52.4 points. The CBN noted that 19 subsectors experienced expansions, with Oil Refining showing the strongest growth.

Additionally, the Composite PMI input price index decreased by 0.2 points, while the output price index increased by 1.0 point. Stanbic IBTC Bank Nigeria reported the strongest improvement in business conditions in 29 months, projecting a 4.11% growth in the non-oil sector for 2026.