Nigeria’s economy extended its growth streak in March 2026, as the Central Bank of Nigeria (CBN) composite Purchasing Managers’ Index (PMI) stood at 53.2 points, marking 16 consecutive months of expansion across key sectors.

The figure, however, reflects a slowdown from 56.4 points recorded in February, indicating a softer pace of growth despite continued expansion.

A PMI reading above 50 points signals growth, while a reading below 50 indicates contraction.

Data from the CBN survey, which covered 36 subsectors, showed that 31 sectors recorded expansion while five contracted. The primary metals subsector posted the weakest performance, while the electrical equipment subsector led the strongest growth.

Industry sector recorded the strongest performance at 54 points, with 14 of 17 subsectors expanding. Production output, new orders/employment stood at 55.6, 53.1 and 52.1 points respectively, reflecting improved activity.

Supplier delivery time was faster at 56.3 points, though lower than February’s 58.

The services sector index came in at 52 points, its 14th consecutive month of growth, but down from 55.3 points in the previous month. Educational services drove expansion, while professional, scientific and technical services, alongside accommodation and food services, recorded contraction.

Output, new orders, employment and inventories remained above the 50-point threshold.

For agriculture, the PMI stood at 52.8 points, extending the expansion to 20 consecutive months. All five subsectors recorded growth, with forestry leading performance. Farming activities and new orders were recorded at 54.1 and 53.8 points, respectively.

The report highlighted rising cost pressures, as input prices continued to outpace output prices across sectors. The composite input price index stood at 64.1 points, compared to 60.6 for output prices.

In agriculture, input costs rose to 67.1 points against 60.4 for output prices, suggesting rising pressure on profit margins.

Overall, the first quarter points to broad-based but moderating growth, with businesses maintaining expansion amid rising costs.

The March PMI survey was conducted between March 9 and 13, covering 1,900 purchasing and supply executives across industry, services and agriculture sectors.