Nigeria’s economic activity maintained strong growth momentum in February 2026, with the composite Purchasing Managers’ Index rising to 56.4 points.

This was disclosed in the latest report by the Central Bank of Nigeria.

The report shows that overall economic activity expanded for the fifteenth consecutive month.

The report also indicated that growth remained broad-based across key sectors of the economy, with industry, services, and agriculture all recording expansion during the period.
According to the latest PMI report by the Central Bank of Nigeria, 30 of the 36 subsectors surveyed recorded growth in February, reflecting widespread improvement across the economy.

The expansion was driven by increases in production levels, new orders, employment, and inventory accumulation.

“The composite PMI for February 2026 stood at 56.4 points, signaling expansion in aggregate economic activity for the fifteenth consecutive month.

“Out of the 36 subsectors covered in the survey, 30 experienced expansion in economic activities.

“The continued expansion reflects sustained growth momentum in the economy, supported by increases in production, new orders, employment, and inventory levels,” the CBN statement read.

The data indicate that economic activities in Nigeria continued to strengthen in February, with most subsectors recording positive growth.

The Industry sector posted the strongest performance during the month, recording a PMI of 56.8 points and showing expansion across all key indicators.

Its performance was supported by increases in output, new orders, employment levels, and inventory growth, according to the latest report by the CBN.

The Output Index increased to 59.6 points, indicating stronger production activity in February.

The New Orders and Employment indices stood at 56.3 points and 54.4 points, respectively, reflecting higher demand and increased labour engagement.

Meanwhile, the Raw Materials Inventory Index reached 54.4 points, signaling growth in input stock levels.

Nigeria’s services and agriculture sectors also maintained expansion in February, reflecting ongoing improvement in business activities and farming operations.

The services sector recorded a PMI of 55.3 points, marking its thirteenth consecutive month of growth.

Within the sector, the Business Activities (Output) Index stood at 56.4 points, while the New Orders Index reached 56.7 points.

The Employment Index was 54.1 points, and the Inventory Index recorded 54.0 points, both indicating continued expansion.

The Purchasing Managers’ Index is a key forward-looking indicator that gauges the health of the private sector by tracking changes in output, new orders, employment, supplier delivery times, and inventories.

A PMI reading above 50 points indicates expansion, while a reading below 50 signals contraction.

The sustained growth across a broad range of subsectors suggests that Nigeria’s economic recovery is gaining both depth and resilience.