Nigeria’s economic activity maintained its expansionary pace in January 2026 as the Central Bank of Nigeria’s composite Purchasing Managers’ Index rose to 55.7, marking the fourteenth straight month of growth.
The latest PMI report released by the apex bank shows broad-based improvement across key sectors, reinforcing signs that the recovery, which gathered momentum in 2025, has carried into the new year.
The reading remains well above the 50-point threshold that separates expansion from contraction, signalling sustained increases in output, demand, and business confidence.
The News Chronicle understands that the strong showing reflects steady demand conditions and improved operating environments, even as businesses continue to navigate structural constraints.
Out of 36 subsectors covered in the survey, 31 recorded expansion during the month, highlighting the depth of the current growth cycle.
Industry-led performance with a PMI of 56.0 as most manufacturing-related activities expanded. The services sector followed with a reading of 54.5, extending its growth streak to twelve months, while agriculture posted a PMI of 54.2, marking eighteen consecutive months of expansion across all surveyed subsectors.
The January outcome follows a strong close to 2025, when private-sector activity peaked in December, suggesting momentum has been sustained rather than reversed. While inflation, power supply challenges, and insecurity remain concerns, the consistent PMI readings point to a more entrenched recovery supported by improving confidence and stable demand conditions.
