Nigeria's PMI Rises to 53.2, Signaling Economic Recovery

In February 2026, Nigeria's economic productivity rebounded as the Purchasing Managers' Index (PMI) reached 53.2, up from 49.2 in January, according to Stanbic IBTC Bank. This increase indicates a recovery in the private sector's health, following a dip in January.

The PMI's rise was attributed to higher customer demand, new product offerings, and competitive pricing, which supported growth momentum. Output increased significantly, marking the fastest pace in four months, with the wholesale and retail sectors showing renewed expansion.

The report noted that the local currency's appreciation contributed to easing inflationary pressures, with the rate of purchase price inflation being the weakest in six years. The PMI report highlighted that the Nigerian economy is projected to grow by 3.86% year-on-year in Q1 2026, with real GDP growth expected at 4.1% for the year.

Factors such as infrastructural development and lower interest rates are anticipated to enhance business investment and consumer spending.