Nigeria’s composite Purchasing Managers’ Index (PMI) rose to 52.7 points in August 2026 from 51.1 points in July, marking the third consecutive month of expansion in economic activity, according to the Central Bank of Nigeria (CBN).

The latest CBN PMI survey showed that 19 of the 32 subsectors covered recorded growth, while 13 contracted. Oil Refining recorded the strongest expansion, while motor vehicles and assembly posted the sharpest decline.

The Industry PMI returned to expansion at 50.6 points, ending a contraction that had persisted since April. The industry output index rose to 51.4 points, despite declines in new orders and raw material stocks. Suppliers’ delivery time also improved to 53.3 points.

Although 11 of the sector’s 16 subsectors contracted, improvements in production, employment and suppliers’ delivery times pushed the sector above the 50-point threshold separating expansion from contraction.

Services expanded for the second consecutive month, with its PMI rising to 53.3 points from 51.1 points in July.

Nine of the sector’s 11 subsectors recorded growth, led by Administrative and Support Services, while Professional, Scientific and Technical Services recorded the sharpest decline.

Agriculture maintained its expansion for the 25th consecutive month, rising to 53.4 points, with all five subsectors recording growth. Forestry recorded the highest expansion, while General Farming Activities posted 56.5 points, the highest reading among the sector’s key indicators.

On prices, the composite input index declined marginally by 0.2 points in August, while the output price index increased by one point.

The CBN said services and agriculture recorded faster increases in output prices than input costs, indicating easing cost pressures while businesses retained some pricing power.

The survey, conducted between August 9 and 14, covered 1,900 purchasing and supply executives across the industry, services and agriculture sectors.

The apex bank noted that the PMI reflects the views of survey respondents and does not represent its official position.