Nigeria’s economic growth momentum continued into the new year, as the nation’s Purchasing Managers Index (PMI) rose to 55.7 points in January 2026, marking the 14th consecutive month of expansion across key sectors.
The Central Bank of Nigeria (CBN), in its January 2026 PMI Report released on Wednesday, said the industry, services, and agriculture sectors all recorded positive performances, reflecting broad-based economic recovery and business resilience.
According to the report, the industry sector led the growth trend with a PMI of 56.0 points, underscoring a strong expansionary trajectory. Out of the 17 subsectors surveyed, 14 reported growth, highlighting robust and widespread industrial activity.
The service sector also maintained its positive outlook, posting a PMI of 54.5 points, its 12th consecutive month of growth. Twelve of the 14 service subsectors expanded, while two recorded marginal contractions.
Similarly, the agriculture sector sustained its upward momentum with a PMI of 54.2 points, reflecting expansion for the 18th straight month. All five agricultural subsectors surveyed recorded growth in January.
Overall, 31 of the 36 subsectors covered in the CBN survey experienced expansion during the month, indicating that the economic recovery remains broad and resilient.
The apex bank further noted a moderation in both input and output price indices, with output prices showing sharper declines across the composite, services, and agriculture categories — a trend that could signal easing cost pressures for producers and consumers alike.
The sustained expansion across sectors, the CBN added, reaffirms improving business confidence and stronger domestic production at the start of 2026.
