March 10, 2026/CSL Research
March 10, 2026/Mastercard
The Central Bank of Nigeria (CBN) has released the February 2026 Purchasing Managers’ Index (PMI) report, covering the Agriculture, Services, and Industry sectors. The composite PMI rose to 56.4 points in February 2026, up from 55.7 points in January, signalling continued expansion in business activity and marking the fifteenth consecutive month of growth. A PMI reading above 50.0 points indicates expansion, while a reading below 50.0 points reflects contraction.
Sectoral performance remained broadly positive. The Agriculture sector sustained its strong momentum, with the index rising to 56.5 points from 54.2 points in January, marking the nineteenth consecutive month of expansion. The Services sector also recorded stronger growth, increasing to 55.3 points from 54.5 points and extending its expansion streak to thirteen months. Similarly, the Industry sector improved to 56.8 points in February from 56.0 points in January, reflecting continued resilience in industrial activities.
Key PMI sub-indices also remained firmly in expansion territory during the month. The Output Index rose slightly to 57.6 points from 56.5 points in January. The Raw Materials Index remained strong at 54.6 points, indicating sustained expansion in input purchases.
Meanwhile, the New Orders Index increased to 56.8 points from 54.5 points, suggesting firmer demand conditions. Employment levels also edged higher to 54.2 points from 53.7 points, pointing to a gradually strengthening labour market.
The February PMI reading points to improving economic conditions, with continued expansion in private-sector activity supporting expectations of a more stable growth path. Key sectors, particularly manufacturing and services, appear well positioned to maintain this momentum, supported by a relatively stable currency, a gradual recovery in domestic demand, and easing cost pressures. However, several challenges could still slow the pace of recovery. Weak consumer purchasing power, high logistics and energy costs, and tight liquidity conditions continue to constrain business operations and limit access to working capital.
Click here to download full report: CSL Nigeria Daily – 10 March 2026 – PMI.pdf
