Nigeria’s economic activity expanded in January 2026, with the Purchasing Managers’ Index (PMI) reaching 55.7 index points, the Central Bank of Nigeria (CBN) reported, indicating continued expansion in aggregate business activity across sectors monitored by the PMI survey.
This figure was disclosed in the central bank’s January 2026 PMI report, a key indicator of economic momentum.
The PMI, compiled from responses by firms across industry, services and agriculture sectors, measures overall business conditions, with readings above 50 points signalling expansion in economic activity compared with the previous month.
The 55.7 reading in January reflects growth in new orders, output and other activity metrics within the composite index.
The CBN’s PMI report is widely used by analysts and policymakers to track near-term trends in economic output, employment, purchasing, and supplier delivery times.
The January figure follows December 2025, when the PMI stood at 57.6 index points, the highest recorded during the year, also indicating broad-based expansion across key sectors.
The January reading underscores sustained business momentum across multiple segments of the economy. It signifies that the pace of activity remained above the neutral 50-point threshold, which separates expansion from contraction in composite business conditions.
The PMI survey covers a cross-section of Nigerian firms engaged in manufacturing, services and agriculture, capturing data on output levels, new orders, employment, supplier performance and inventories.
A reading above 50 is interpreted as a signal that more firms are reporting growth in business activity than contraction.
The expansion in January contributes to a broader pattern of economic activity growth observed in Nigeria over recent months, with previous PMI reports indicating positive signals even as individual sector conditions vary.
The January PMI figure provides timely insight into early-year economic conditions and is closely watched by investors, policymakers and business leaders as an indicator of domestic economic resilience amid evolving macroeconomic dynamics.
