The Central Bank of Nigeria’s latest PMI data for February 2026 highlighted Nigeria’s economy maintaining robust resilience and sustained forward momentum, as the composite index advanced to 56.4 points.
This reading, above the crucial 50-point threshold that separates contraction from expansion, marks the 15th consecutive month of aggregate economic growth—a streak that underscores a steady recovery and broadening confidence across key sectors.
The figure represents an improvement from January’s 55.7 points, reflecting accelerating business activity amid what analysts describe as stabilizing macroeconomic conditions.
The PMI, a forward-looking survey-based indicator derived from responses by purchasing managers across various industries, captures trends in output, new orders, employment, inventories, and supplier deliveries. A score of 56.4 signals that a solid majority of respondents reported better conditions compared to the previous month.
Broad-based expansion characterized the month, with 30 out of the 36 subsectors surveyed posting growth. This widespread improvement points to a resilient and diversified rebound, defying lingering challenges such as infrastructure constraints, energy costs, and global uncertainties.
The industrial sector led the charge, posting the strongest performance with a PMI of 56.8 points. All core indicators showed gains: production output surged to 59.6 points, new orders reached 56.3 points, employment climbed to 54.4 points, and raw materials inventories expanded at 54.4 points.
Supplier delivery times improved notably at 58.0 points, suggesting easing bottlenecks in supply chains and greater efficiency. Of the 17 industrial subsectors tracked, 13 expanded, while the four that contracted did so only marginally, insufficient to drag down the sector’s overall positive momentum.
The services sector, a major driver of Nigeria’s GDP, maintained its upward trajectory with a PMI of 55.3 points, its 13th straight month of expansion. Business activities (output) stood at 56.4 points, new orders at 56.7 points, employment at 54.1 points, and inventories at 54.0 points.
Impressively, 13 of the 14 subsectors grew, led by Educational Services, though Professional, Scientific, and Technical Services bucked the trend with a contraction.
Agriculture continued its impressive run, recording a PMI of 56.5 points for its 19th consecutive month of expansion. This sustained performance in farming and related activities highlights improved output and demand in a sector critical for food security, employment, and rural livelihoods.
The drivers behind this momentum include rising production levels, stronger new orders (indicating healthier demand), increased employment (signaling labor market gains), and deliberate inventory accumulation to meet anticipated future needs. These factors collectively paint a picture of businesses ramping up operations with greater confidence.
While the CBN’s PMI data offers an optimistic signal, it contrasts with other private-sector surveys, such as the Stanbic IBTC Nigeria PMI (which focuses on slightly different methodologies and panels), that showed a rebound to around 53.2 points in February after a brief dip. The CBN’s broader coverage, encompassing more subsectors, appears to capture a stronger and more consistent expansion narrative.
Economists view this streak as evidence of policy effectiveness in areas like exchange rate stabilization, monetary tightening to curb inflation, and efforts to boost non-oil sectors.
Sustained PMI readings in the mid-50s range suggest the economy could build toward stronger quarterly and annual GDP growth, potentially supporting job creation and improved living standards if headwinds like power supply issues and external commodity price volatility are managed.
For now, February’s data reinforces a narrative of Nigeria’s economy steadily gaining traction, with expansion not only persisting but intensifying across industry, services, and agriculture.
As the CBN continues to monitor these trends, the coming months will test whether this momentum can endure and translate into broader prosperity.
WHAT YOU SHOULD KNOW
Nigeria’s economy continued its solid expansion in February 2026, with the Central Bank of Nigeria‘s composite PMI rising to 56.4 points—marking 15 straight months of growth.
The expansion was broad-based and accelerating, led by industry (56.8), agriculture (56.5), and services (55.3), with 30 of 36 subsectors growing, driven by higher output, new orders, employment, and improved supply chains.
This sustained, widespread momentum signals strengthening economic confidence and resilience across Nigeria’s major sectors.
