Nigeria's Manufacturing and Agriculture Growth in April 2026

In April 2026, Nigeria's manufacturing and agriculture sectors recorded growth, as reflected in the Purchasing Managers' Index (PMI), which rose to 52.4 from 51.9 in March, marking the third consecutive month above the growth threshold of 50.0. This growth trajectory indicates solid health in the Nigerian private sector, despite challenges such as higher fuel costs and inflationary pressures stemming from military conflicts in the Middle East.

The report noted that business activity increased for the 17th consecutive month, with a solid rise in new orders. However, the increase in input costs, particularly due to rising fuel prices, limited the pace of expansion.

Companies reported the highest level of selling prices since December 2024, responding to increased costs of fuel and raw materials. Muyiwa Oni, head of equity research at Stanbic IBTC Bank, stated that the improvement in business conditions is expected to continue into the second quarter of the year, with companies planning to expand operations and enter new markets.