Abuja, Nigeria – Nigeria’s economic activity sustained strong growth momentum in February 2026. The Central Bank of Nigeria’s composite Purchasing Managers’ Index climbed to 56.4 points, marking the fifteenth consecutive month of expansion.
Okay News reports that the apex bank released the latest PMI data on Saturday. The figure signals continued growth in aggregate economic activity across Africa’s largest economy.
The report showed that growth remained broad-based across key sectors. Industry, services, and agriculture all recorded expansion during the review period.
Thirty out of 36 subsectors surveyed posted growth in February. This widespread improvement highlights strengthening economic conditions nationwide. Expansion was supported by increases in production levels, new orders, employment, and inventory accumulation.
The Industry sector recorded the strongest performance with a PMI of 56.8 points. All key indicators in this sector showed expansion during the month.
The Output index rose to 59.6 points, reflecting stronger production activity. New Orders and Employment indices stood at 56.3 points and 54.4 points respectively. These figures indicate improved demand and labor engagement across industrial operations.
The Raw Materials Inventory index recorded 54.4 points, signaling expansion in input stock levels. Suppliers’ Delivery Time index reached 58.0 points, suggesting improved supply chain efficiency.
Thirteen out of 17 industry subsectors recorded expansion. Four posted marginal contractions, though these declines were insufficient to offset overall sector growth.
The services sector posted a PMI of 55.3 points, marking its thirteenth consecutive month of growth. Business Activities index stood at 56.4 points while New Orders reached 56.7 points.
Employment index in services recorded 54.1 points, with Inventory at 54.0 points. Thirteen out of 14 subsectors surveyed recorded growth. Educational Services posted the highest expansion in this category.
Professional, Scientific and Technical Services was the only services subsector to contract. The agriculture sector sustained its expansion streak with a PMI of 56.5 points. This marks the nineteenth consecutive month of growth for farming operations.
The Purchasing Managers’ Index serves as a key forward-looking indicator for private sector health. It captures changes in output, new orders, employment, supplier delivery times, and inventories.
Readings above 50 points signal expansion, while readings below indicate contraction. The continued expansion across numerous subsectors suggests Nigeria’s economic recovery is gaining depth and resilience.
