Economic Activities Expand As Purchasing Managers’ Index Hits 56.4 In February

Nigeria’s economic activity strengthened in February 2026 as the composite Purchasing Managers’ Index (PMI) rose to 56.4 index points, reflecting a broad-based expansion across key sectors of the economy, according to the latest report released by the Central Bank of Nigeria (CBN).

The February reading represented an improvement from 55.7 index points recorded in January and marked the 15th consecutive month of expansion in aggregate business activity. A PMI reading above the 50-point threshold indicates expansion in economic activity, while a reading below that level signals contraction.

The report showed that the improvement in economic conditions was driven by sustained growth in the industry, services and agriculture sectors, suggesting continued resilience in domestic business activity despite persistent macroeconomic pressures.

The industry sector recorded the strongest performance among the three major segments of the economy. The sector posted a PMI of 56.8 index points in February, supported by improvements in production levels, new orders, employment and inventory levels.

Of the 17 subsectors surveyed in the industry segment, 13 reported expansion in economic activity, underscoring the widespread nature of growth across manufacturing and related industries.

The services sector also maintained positive momentum during the review period. The sector recorded a PMI of 55.3 index points in February, marking its thirteenth consecutive month of expansion.

According to the report, 13 of the 14 service sub-sectors recorded growth in business activity, while only one sub-sector posted a contraction. The sustained expansion reflects increasing demand for services across several segments of the economy, including trade, finance and hospitality.

Similarly, activity in the agriculture sector continued to grow, with the sector’s PMI rising to 56.5 index points during the month. The sector has now recorded expansion for the nineteenth consecutive month. Of the five agricultural sub-sectors surveyed, four reported expansion in activities during February, while forestry recorded a contraction.

A deeper breakdown of the survey showed that economic growth remained broad-based across most segments of the Nigerian economy.

Out of the 36 sub-sectors covered in the PMI survey, 30 recorded expansion in February, while the remaining six experienced contraction.