Economic Activity Expands For 3rd Consecutive Month – CBN Report

Nigeria’s economic activity sustained its expansion for the third consecutive month in August 2026, as the Central Bank of Nigeria (CBN) Composite Purchasing Managers’ Index (PMI) rose to 52.7 index points from 51.1 points recorded in July.

According to the CBN PMI report, the expansion was driven by sustained growth in the services and agriculture sectors, as well as a recovery in industrial activity.

Of the 32 subsectors surveyed, 19 recorded expansions during the review period, while the remaining 13 subsectors reported a decline in business activity.

The Industry PMI rose to 50.6 points in August, indicating a recovery from the contractions recorded in the sector since April 2026. However, a breakdown of the sector showed that 11 of the 16 subsectors surveyed recorded a decline in business activity, while five subsectors expanded.

The Services PMI also recorded an expansion for the second consecutive month, rising to 53.3 points in August. Nine of the 11 subsectors surveyed reported growth, while two recorded a decline in business activity.

Similarly, the Agriculture PMI increased to 53.4 points, marking the twenty-fifth consecutive month of expansion in the sector. All five subsectors surveyed recorded expansion during the review period.

The report noted that input price index for the Composite PMI declined by 0.2 points in August, while the output price index increased by 1.0 points. It added that the month-on-month increase in output prices in the services and agriculture sectors was higher than the corresponding changes in their input price indices.