CBN's PMI Hits 55.7 in January 2026, Signaling 14-Month Expansion in Nigeria's Economy

In January 2026, the Central Bank of Nigeria's (CBN) Composite Purchasing Managers' Index (PMI) rose to 55.7, indicating a 14-month expansion in Nigeria's economy. The PMI data revealed a broad-based improvement in business conditions across sectors, reinforcing signs of a gradual strengthening recovery.

The PMI reading remained comfortably above the 50-point benchmark, reflecting continued improvement in output, demand, and business confidence. Despite lingering structural constraints, the PMI survey highlighted notable resilience across the agriculture, industry, and service sectors.

The CBN noted a broad-based expansion in these sectors, driven by improved business confidence and stable demand conditions, supporting the gradual recovery of the supply side dynamics. The performance of the PMI in January 2026 aligns with the CBN's objectives of fostering price stability and supporting sustainable economic growth.

The sustained growth momentum indicated by the PMI data suggests that economic expansion is becoming entrenched rather than episodic, with the private sector showing consistent growth above the 50-point threshold for several months.