Nigeria’s aggregate economic activity has sustained upward momentum into the new year, with the composite Purchasing Managers’ Index (PMI) rising to 55.7 points in January 2026 – marking the 14th consecutive month of expansion.

The latest survey conducted by the Central Bank of Nigeria (CBN) reveals robust and broad-based growth, with 31 of the 36 subsectors surveyed recording increased activities.
The performance, which signals a positive outlook for the first quarter, was driven by sustained improvements in industry, services and agriculture sectors.
The industry sector emerged as the primary driver of January’s performance, posting a PMI of 56 points, supported by 14 of the 17 industrial subsectors surveyed. The non-metallic mineral product subsector recorded the strongest expansion in the category.

Key industrial indicators demonstrated resilience, with output, new orders and employment indices standing at 57.2, 55 and 52.8 points respectively.
The raw materials inventory index reached 55.5 points, while the suppliers’ delivery time index hit 60.4 points, reflecting improved efficiency in supply chain management and faster supplier response times.

The services sector sustained its growth trajectory for the 12th consecutive month, recording a PMI of 54.5 points. Growth was broad-based, with 12 of 14 subsectors posting increased business activities.
The motion pictures, cinema, sound recording and music production subsector reported the strongest overall growth among all 36 subsectors surveyed.

Agriculture recorded expansion for the 18th consecutive month, with the index at 54.2 points. All five surveyed subsectors within agriculture reported growth, primarily driven by general farming activities.
A significant development in the January report was the moderation of input and output price indices. Output prices showed a more pronounced decline across the composite, services and agriculture indices, potentially offering relief in the broader inflationary environment.

Despite the overall positive performance, the report identified minor headwinds, with five sub-sectors recording contractions.
Transportation equipment posted the most significant decline, though the PMI noted these contractions were marginal and insufficient to derail the economy’s overall expansionary momentum.

As Nigeria progresses through 2026, the sustained growth across key sectors provides evidence of a durable recovery and establishes a firm foundation for economic stability in the coming months.