Industry, services, and agriculture sectors expand for the fifteenth straight month as majority of business subsectors record growth…..
Nigeria’s economic activity maintained a solid growth trajectory in February 2026, with the country’s composite Purchasing Managers’ Index (PMI) rising to 56.4 points, according to the latest report released by the Central Bank of Nigeria.
The figure indicates a continued expansion in overall economic activity, marking the fifteenth consecutive month of growth across the economy.
Data from the report shows that the positive momentum was driven by improvements in production levels, new orders, employment, and inventory accumulation across multiple sectors.
Broad-based growth across sectors
According to the central bank’s survey, 30 out of the 36 subsectors tracked during the month recorded expansion, reflecting widespread improvements in business conditions.
The apex bank noted that the sustained growth highlights the strengthening momentum of economic activities across the country.
The report stated that the continued expansion was supported by increases in production output, demand for goods and services, hiring activity, and inventory restocking, all of which contributed to the positive PMI reading.
Industry sector leads performance
Among the major sectors, the industry sector recorded the strongest performance, posting a PMI of 56.8 points during the month.
Growth in the sector was driven by stronger production activity and rising demand from customers.
Key indicators within the industry sector showed notable improvements:
- The Output Index climbed to 6 points, reflecting increased production levels.
- The New Orders Index stood at 3 points, signaling rising demand for manufactured goods.
- The Employment Index recorded 4 points, indicating continued hiring within the sector.
- The Raw Materials Inventory Index also reached 4 points, suggesting firms increased stock levels to support production.
- The Suppliers’ Delivery Time Index came in at 0 points, pointing to improved supply chain efficiency and faster delivery times.
Out of the 17 industry subsectors surveyed, 13 recorded expansion, while four experienced slight contractions, although these were not strong enough to undermine the sector’s overall growth.
Services sector extends growth streak
The services sector also sustained its upward trend in February, posting a PMI reading of 55.3 points.
This marks the thirteenth consecutive month of expansion in the sector, highlighting steady improvements in business activity.
Within the services sector:
- The Business Activities (Output) Index stood at 4 points.
- The New Orders Index reached 7 points, reflecting stronger demand.
- The Employment Index recorded 1 points, signaling increased hiring.
- The Inventory Index came in at 0 points, indicating stock accumulation.
Of the 14 services subsectors surveyed, 13 recorded growth. The Educational Services subsector recorded the strongest expansion, while Professional, Scientific and Technical Services was the only segment that experienced a contraction during the month.
Agriculture sector continues steady growth
Nigeria’s agriculture sector also maintained its expansion trend, recording a PMI of 56.5 points in February.
The sector has now posted nineteen consecutive months of growth, reflecting improving farming activities and stronger demand for agricultural products.
Understanding the PMI indicator
The Purchasing Managers’ Index (PMI) is widely used as a forward-looking indicator that measures the health of the private sector.
It tracks changes in key business variables such as:
- production output
- new orders
- employment levels
- supplier delivery times
- inventory levels
A PMI reading above 50 points indicates expansion, while a reading below 50 points signals contraction in economic activity.
Signs of strengthening economic recovery
The broad-based expansion recorded across a large number of subsectors suggests that Nigeria’s economic recovery is becoming more widespread and resilient.
In January, the Central Bank of Nigeria also reported strong economic activity, indicating that the growth momentum seen in early 2026 is continuing into the first quarter of the year.
Economists say the sustained expansion across industry, services, and agriculture points to improving business confidence and stronger demand conditions across the Nigerian economy.
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