Nigeria’s economic activity sustained its growth momentum in February 2026 as the composite purchasing managers’ index (PMI) rose to 56.4 points, marking the 15th consecutive monthly expansion across industry, services and agriculture sectors, the latest report by the Central Bank of Nigeria (CBN) said.

The report showed that economic activities improved broadly across sectors during the month, with 30 of the 36 subsectors surveyed recording expansion.

A PMI reading above the 50-point benchmark indicates growth in business activities, reflecting stronger production levels, rising new orders and increased employment.

It said the improvement across the sectors provided “strong evidence of a robust and sustainable growth momentum, underpinning a positive economic outlook in Q1 2026”.

Data from the survey showed that key components of the index recorded growth during the review period. Output stood at 57.6 points, while new orders and employment were recorded at 56.8 points and 54.2 points respectively, indicating sustained increases in production activities and labour engagement across businesses.

Stock of raw material index also expanded at 54.6 points, while suppliers’ delivery time stood at 58 points, reflecting improved delivery efficiency and faster supplier response times during the period.

Further breakdown of the survey showed that the industry sector recorded a PMI of 56.8 points in February 2026, indicating sustained expansion in manufacturing and industrial activities. Output, new orders and employment within the sector stood at 59.6 points, 56.3 points and 54.4 points respectively, reflecting increased production and higher labour engagement.

Out of the 17 subsectors surveyed in the industry segment, 13 reported growth, while four recorded contractions.

The report noted that the declines were marginal and not strong enough to offset the sector’s overall expansionary trend.

The services sector also maintained its growth path with a PMI reading of 55.3 points, marking the thirteenth consecutive month of expansion. The growth was attributed to increased incoming business and improved operational activities among firms.

According to the report, 13 of the 14 subsectors within the services sector recorded expansion during the month, while the professional, scientific and technical services subsector posted contraction.

Educational services recorded the strongest expansion among the subsectors surveyed.

The agriculture sector continued its strong performance with a reading of 56.5 points in February, indicating its nineteenth consecutive month of expansion.

Four of the five agricultural subsectors recorded growth, led by crop production, while forestry posted contraction.

“In February 2026, the PMI data showed a broad-based improvement in economic activity across all sectors relative to the previous month,” the report stated, noting that the overall expansion reflected improved business conditions in the economy.

The survey showed that six subsectors recorded contractions during the month, with the primary metals subsector reporting the steepest decline.

Despite this, the report said the contractionary movements were not sufficient to offset the widespread expansion observed across the remaining sectors.

The report also noted a slight increase in input and output price indices in February, indicating rising costs within the production chain. The input price indices for the composite index and the three major sectors were higher than the corresponding output price indices during the period.

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