The Central Bank of Nigeria published its Purchasing Managers’ Index survey for January 2026, showing the composite PMI at 55.7 points and indicating expansion in aggregate economic activity for the fourteenth consecutive month. Industry, services and agriculture all recorded PMI readings above 50, pointing to continued growth across the economy. Across the 36 subsectors covered, 31 reported expansion while five recorded contractions, with Motion Pictures, Cinema, Sound Recording and Music Production showing the strongest growth and Transportation Equipment the largest decline. Sector readings were 56.0 for industry with 14 of 17 subsectors expanding, 54.5 for services with 12 of 14 subsectors expanding, and 54.2 for agriculture with all five subsectors growing. Within the composite PMI, output (56.5), new orders (54.5), employment (53.7) and stocks of raw materials (53.7) all expanded, while the suppliers’ delivery time index stood at 60.4 points, indicating faster deliveries; input and output price indices moderated, with output prices declining more for the composite, services and agriculture indices.
Central Bank of Nigeria 2026-02-04
Central Bank of Nigeria reports January 2026 composite PMI at 55.7 points with broad-based expansion
The Central Bank of Nigeria's January 2026 Purchasing Managers’ Index (PMI) survey shows a composite PMI of 55.7, marking the fourteenth consecutive month of economic expansion. Industry, services, and agriculture sectors all reported PMI readings above 50, with 31 of 36 subsectors expanding. Notably, Motion Pictures, Cinema, Sound Recording, and Music Production led growth, while Transportation Equipment saw the largest decline.