PMI rises to 51.1, business expands

The CBN’s PMI report showed the composite index edging up to 51.1 points in July, marking a second consecutive month of overall business expansion, driven by agriculture and services.

The Central Bank of Nigeria’s latest Purchasing Managers’ Index (PMI) report showed the composite index edging up to 51.1 points in July 2026, marking a second consecutive month of overall business expansion. Sustained growth across agriculture (52.1 points) and services (51.1 points) offset a minor contraction in manufacturing.

The PMI reading is a positive sign for the Nigerian economy. The expansion across agriculture and services suggests that key sectors are growing, even as manufacturing contracts. The reading is modest, but it points to a slow but steady recovery.

This echoes the 2019 PMI readings, which also showed modest expansion. The mechanism then was different, but the result was the same: an economy inching forward.

The winners: the agriculture and services sectors, which are growing; and the Nigerian economy, which is expanding. The losers: the manufacturing sector, which is contracting; and the Nigerian public, who have yet to feel the benefits.

Bottom Line: The PMI has edged up to 51.1. The economy is expanding. The question is whether the recovery will gain momentum or stall.