Agriculture and Manufacturing Output Surge in July 2026

In July 2026, the agriculture and manufacturing sectors in Nigeria experienced significant increases in output, as reported by the Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index (PMI). The headline PMI registered at 52.5, a decrease from 53.4 in June but still above the no-change mark of 50.0, indicating a sixth consecutive month of strengthening in the private sector's health.

The report highlighted that improving demand conditions supported a modest rise in business activity, which was the slowest growth rate since January. While agriculture and manufacturing saw sharp output increases, growth in the services and wholesale and retail sectors was more modest.

Additionally, a slight increase in employment was noted as companies adjusted to higher output requirements, although the growth pace eased to a three-month low. The report also indicated a marked increase in new orders, expansions in output, and softened inflationary pressures during the month.