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.