February 6, 2026/CSL Update

The Central Bank of Nigeria (CBN) has released its January 2026 Purchasing Managers’ Index (PMI) report for the agriculture, services, and industry sectors. The composite PMI stood at 55.7 points in January from 57.6 points in December 2025, remaining in the expansion zone. This reading signals continued expansion in business activities and represents the fourteenth consecutive month of growth. A PMI reading above 50.0 indicates expansion, while a reading below 50.0 denotes contraction.

Sectoral performance remained broadly positive, staying above the 50% expansion level despite a marginal decline in the index. The agriculture sector remained positive, recording a PMI of 54.2 points, lower than December’s 58.4 points and retaining its expansion streak for 18 months. The services sector also remained in expansion for the twelfth consecutive month, although growth moderated to 54.5 points from 56.4 in December. Also, the industry sector declined, dropping to 56.0 points from 57.0 points in December, however still maintaining its recovery above the contractionary reading of 49.1 recorded in August 2025. Overall, economic activity remained firmly in growth territory.

Key PMI sub-indicators showed mixed but generally positive trends. Suppliers’ delivery times increased to 60.4 points in January from 58.2 points in December, while raw material inventories eased marginally to 53.7 points from 54.5 points. New orders also declined moderately to 54.5 points from 58.7 points in December, signalling softer demand conditions.

Employment growth eased slightly to 53.7 points from 54.2 points in the previous month. These movements reflect a moderation in business activity following the festive season, as spending typically slows in January.

Input and output price indices moderated in January 2026, with output prices declining more noticeably across the composite, services, and agriculture indices. This trend suggests easing price pressures in parts of the economy following the widespread price increases typically observed during the festive period. Overall, the sustained expansion across the industry, services, and agriculture sectors points to a resilient and broadly improving economy.

Looking ahead, the composite PMI is expected to remain in expansion, supported by continued moderation in inflation, which should help alleviate input cost pressures.

Click here to download full report:​ CSL Nigeria Daily – 06 February 2026 – PMI.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​