Economic performance in Nigeria continued to grow throughout July 2026, marking two successive months of expansion. Data from the Central Bank of Nigeria (CBN) Purchasing Managers’ Index (PMI) hit 51.1 points, reflecting a broad improvement in business health. While the general outlook improved, the industrial sector struggled, recording a PMI of 49.6 points.
Of the 32 subsectors evaluated, 20 reported growth while 12 saw declines. The manufacturing-focused Industry PMI dropped, with half of its 16 subsectors experiencing contraction. Conversely, the Services sector showed resilience, climbing to 51.1 points after a three-month slump; eight of its 11 subsectors reported gains.
Agriculture stood out as the most robust area, holding steady at 52.1 points to mark two years of consistent growth. Four out of five agricultural subsectors performed well, though crop production fell behind. Additionally, the CBN noted a reduction in inflationary pressure, as input and output price indices dropped. These figures suggest a cooling in production costs and market pricing, signaling that agriculture and services are effectively buffering the weakness currently affecting industry.
