Nigeria’s private sector sustained its expansionary momentum in July 2026 as the Central Bank of Nigeria (CBN) Purchasing Managers’ Index (PMI) rose to 51.1 points, driven by Agriculture and Services.
The latest figure represents a 1.0-point gain from June’s 50.1 reading, strengthening the composite index further above the 50.0-point threshold that separates economic expansion from contraction.
Growth was anchored by resilient agricultural output and a recovery in the services sector, which offset elevated operating costs and structural pressures within industrial manufacturing.
Agriculture maintained its expansion streak supported by seasonal harvests and food staple demand, while Services rebounded on higher order volumes across financial services, telecommunications, and freight logistics.
The positive reading follows the central bank’s decision to retain the benchmark Monetary Policy Rate at 26.5% to combat lingering price pressures.
National headline inflation eased slightly to 15.91% in June from 15.93% in May, bringing modest input cost relief to commercial enterprises.
Sub-indices showed softening input price growth and steady raw material procurement, positioning the domestic economy for a cautiously optimistic third-quarter macroeconomic outlook.
