Nigeria: Economic Activities Expand Second Straight Month Despite Industry Contraction - - CBN
[Vanguard] Economic activity in Nigeria expanded for the second consecutive month in July 2026 as the Central Bank of Nigeria (CBN) Purchasing Managers' Index (PMI) rose to 51.1 points, although the industrial sector remained in contraction.
In July 2026, Nigeria's economy continued to show signs of growth, according to the Central Bank of Nigeria's (CBN) Purchasing Managers Index (PMI). The index rose to 51.1 points, marking the second consecutive month of expansion. However, the industrial sector experienced a decrease, falling to 49.6 points. Despite this contraction, the agriculture sector remained robust, with its PMI remaining unchanged at 52.1 points, having expanded for 24 consecutive months.
Eight subsectors in services, four in agriculture, and eight in the broader economy showed growth, while the remaining sectors contracted. The PMI for the services sector returned to positive territory after three months of decline. Inflationary pressures eased, with input and output price indices dropping to 1.6 and 3.1 points, respectively.
This indicates a moderation in production costs and selling prices. The CBN report suggests that the recovery in the Agriculture and Services sectors has offset the contraction in the Industry sector, leading to a recovery in overall economic activity in July 2026.
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