July 14, 2026/CSL Report
The Central Bank of Nigeria (CBN) Purchasing Managers’ Index (PMI) indicated a modest improvement in business activity in June 2026, with the composite PMI rising to 50.1 points from 49.6 points in May.
The reading moved above the 50.0-point threshold, signalling a return to expansion after two consecutive months of contraction. Performance across the major sectors remained mixed. The agriculture sector continued to outperform, with its PMI increasing to 52.1 points from 50.9 points in May, marking the twenty-third consecutive month of expansion.
In contrast, the services and industrial sectors remained below the expansion threshold, although both recorded slight improvements. The services PMI edged up to 49.4 points from 49.3 points, while the industry PMI rose to 49.5 points from 49.3 points, suggesting that business conditions in both sectors are gradually stabilising despite remaining in contraction.