Abuja, Nigeria – The Central Bank of Nigeria (CBN) reported the composite Purchasing Managers’ Index (PMI) at 53.2 for March 2026, marking the sixteenth consecutive month of expansion in aggregate economic activity.
Okay News reports the reading reflects broad-based improvements across the economy: 31 of 36 subsectors surveyed recorded expansion, signalling resilience across industry, services and agriculture despite lingering macroeconomic headwinds.
The PMI data shows a slight moderation in the pace of growth compared with the prior month, but activity remains comfortably above the 50.0 expansion threshold. Key sector readings included an industry PMI of 54.0, with output at 55.6, new orders at 53.1 and employment at 52.1; a services PMI of 52.0, marking its fourteenth month of growth; and an agriculture PMI of 52.8, extending its expansion streak to 20 months.
New orders, employment and inventories stayed above 50.0 across sectors, indicating continued improvements in demand, production and business operations. However, the CBN noted the rate of expansion moderated relative to February’s stronger reading of 56.4, suggesting firms are expanding at a slower clip.
Analysts say sustaining the recovery will depend on easing inflationary pressures, stabilising the foreign exchange market and lowering borrowing costs to support investment and working‑capital needs. The CBN reiterated that a PMI above 50.0 signals expansion in business activity, while a reading below 50.0 indicates contraction.
