Nigeria’s Composite PMI Rises to 52.7, Hits Five-Month High in August 2026

By Adedapo Adesanya

Nigeria’s Composite Purchasing Managers’ Index (PMI) rose to 52.7 points in August 2026 from 51.1 points in July, extending the economy’s expansion to a third consecutive month and marking the strongest reading since March 2026.

According to the Central Bank of Nigeria’s (CBN) latest PMI report released by the Statistics Department of the Economic Policy Directorate, the headline improvement was broad across the three sectors for the first time this year.

Industry returned to growth at 50.6 points after four consecutive months of contraction; Services accelerated to 53.3 points in a second straight month of expansion; and Agriculture strengthened to 53.4 points, its twenty-fifth consecutive month above the 50-point threshold.

The Industry PMI printed at 50.6, up from 49.6 in July and marking its first expansionary reading since March 2026. Production (Output) bounced to 51.4 points from 49.2, while the Suppliers’ Delivery Time index improved to 53.3 points from 51.3, signalling faster supplier response and easier input logistics. Employment held marginally above water at 50.7 points.

Only five of the 16 industry subsectors surveyed expanded; 11 contracted as New Orders remained below the neutral mark at 49.0 points and inventories of raw materials at 49.4 points, while Outstanding Business fell to 44.8 points, the weakest component in the entire survey and an indication that order backlogs are thinning rather than building.

Oil Refining posted 66.5 points, the strongest reading of any subsector in the survey, a violent reversal from 40.0 points in July, while Electrical & Electronics registered 59.5 points, and Basic Metal and Iron and Steel recovered to 54.6 points from 47.6 points.

Motor Vehicles & Assembly collapsed to 34.6 points, the steepest contraction recorded, with Non-Metallic Products falling to 41.3 points from 51.1, Electricity, Gas, Steam and Air Conditioning Supply sliding to 42.9 points from 47.8, and Chemical & Pharmaceutical Products at 43.9 points in a sixth straight month of decline. Construction, at 48.7 points, remained in contraction for a second consecutive month.

The Services PMI improved to 53.3 points from 51.1, with all four sectoral indicators advancing: Business Activity to 54.1 points, New Orders to 52.8 points, Employment to 53.3 points and inventories to 53.1 points. Nine of the 11 subsectors expanded. Administrative and Support Services led at 58.9 points, followed by Educational Services (57.1 points), Human Health & Social Services (55.9 points) and Finance & Insurance (55.8 points). Professional, Scientific & Technical Services (47.6 points) and Transportation, Courier and Storage (49.2 points) were the two subsectors in decline.

Agriculture rose to 53.4 points from 52.1 points, with all five subsectors expanding and Forestry strongest at 59.2 points. General Farming Activities climbed to 56.5 points, New Orders to 53.2 points, Employment to 52.7 points and inventories to 51.2 points. Farm Yield, at 49.7 points, was the sector’s one soft spot, which showed that activity is expanding faster than realised harvest output.