Nigeria’s economic activity strengthened in January 2026, with 31 out of 36 subsectors recording expansion, according to the latest Central Bank of Nigeria’s Purchasing Managers’ Index (PMI) report.
The report disclosed that the motion pictures, cinema, sound recording and music production subsector recorded the strongest expansion during the review month.
However, five subsectors experienced contractions, led by transportation equipment, which posted the highest decline.
“The contractionary impact was described as insignificant and insufficient to offset the widespread expansion across the remaining subsectors,” the CBN report said.
The survey disclosed that the composite PMI stood at 55.7 points in January 2026, marking the fourteenth consecutive month of expansion.
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A breakdown of performance across the three major sectors: industry, services and agriculture, revealed sustained momentum.
For the industry sector, the PMI stood at 56.0 points in January 2026, signalling continued expansion in industrial activity.
It said key sub-indices also reflected improvement, with output, new orders, and employment indices posting 57.2, 55.0, and 52.8 points, respectively.
The Raw Materials Inventory index expanded to 55.5 points, while the Suppliers’ Delivery Time index rose to 60.4 points, indicating enhanced supply chain efficiency and faster delivery times.
The Services Sector PMI, at 54.5 points, indicated expansion for the twelfth consecutive month, reflecting improving business conditions and higher operational activity.
Business Activities (Output), new orders, employment and Inventories indices stood at 56.5, 54.5, 54.7, and 52.5 points, respectively, all in expansionary territory.
Of the 14 services subsectors surveyed, 12 recorded expansion, while two contracted.
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“The motion pictures, cinema, sound recording and music production subsector again led growth, while real estate, rental and leasing posted the highest contraction within the services space,” it said.
The agriculture sector Index reached 54.2 points in January 2026, marking the eighteenth consecutive month of expansion.
Sub-indices for general farming activities, new orders, employment, and raw materials inventory recorded 55.8, 54.1, 52.8, and 54.3 points, respectively, reflecting sustained growth momentum.
“All five agriculture subsectors expanded during the month, with livestock posting the strongest growth,” the CBN report disclosed.
