Nigeria’s economy sustained robust momentum in February 2026, with the Purchasing Managers’ Index (PMI) climbing to 56.4 points, according to the latest survey data released by the Central Bank of Nigeria (CBN) and Stanbic IBTC Bank.
The reading represents the fifteenth consecutive month of expansion across the economy, as a PMI above 50 indicates improving business conditions while values below 50 signal contraction.
The broad-based growth was evident in 30 out of the 36 sub-sectors surveyed, reflecting widespread improvement in manufacturing, services, agriculture, and related activities.
Key Drivers of Expansion
Production Output rose sharply to 59.6 points, highlighting stronger manufacturing activity and better demand conditions.
New Orders stood at 56.3 points, pointing to sustained customer demand and increased business transactions.
Employment improved to 54.4 points, as firms expanded their workforce to keep pace with rising activity.
Inventory of Raw Materials increased to 54.4 points, with businesses building stock levels in anticipation of continued demand.
Supplier Delivery Time reached 58.0 points, indicating faster input deliveries and more efficient supply chains.
Sectoral Performance
Industry led the way with a PMI of 56.8 points, driven by solid gains in output, orders, and employment.
Services posted 55.3 points, extending its expansion streak to thirteen consecutive months.
Agriculture recorded 56.5 points, maintaining growth for the nineteenth straight month — the longest unbroken run among the major sectors.
The overall trend points to rising business confidence, improved operational efficiency, and stronger domestic demand. Firms reported higher production, more orders, and greater hiring, while supply bottlenecks continued to ease.
Analysts view the sustained PMI expansion as a sign of underlying resilience in the Nigerian economy amid ongoing global uncertainties and domestic challenges. However, they caution that maintaining this momentum will depend on continued structural reforms, investment in critical infrastructure, access to affordable credit, and measures to address persistent issues such as foreign exchange availability and energy costs.
The February data aligns with recent positive signals in the Nigerian Exchange (NGX), where the oil & gas sector led weekly gains, and external reserves showed a modest uptick to $49.88 billion.
As Nigeria navigates a complex macroeconomic environment, the consistent PMI readings above 50 for over a year provide evidence of broadening economic recovery and gradual improvement in private-sector activity.
