August 13, 2026/CSL Report
The Purchasing Managers’ Index (PMI) expanded for the second consecutive month in July 2026, according to the latest PMI report released by the Central Bank of Nigeria (CBN). The survey, which covered 1,900 respondents across the agriculture, services, and industry sectors, showed that the CBN’s Composite PMI rose to 51.1 points in July 2026 from 50.1 points in June, marking a return to expansion after contractions in April and May, when the index stood at 49.4 and 49.6 points, respectively. Of the 32 subsectors surveyed, 20 recorded expansion, while 12 contracted. A PMI reading above 50.0 indicates expansion, while a reading below 50.0 signals contraction.
Sectoral performance remained mixed during the month. The Agriculture PMI was unchanged at 52.1 points, extending its expansion streak to 24 consecutive months. Meanwhile, the Services PMI returned to expansion at 51.1 points, ending three consecutive months of contraction. In contrast, the Industry PMI was 49.6 points, marking its fourth consecutive month in contraction territory and highlighting continued pressure in the manufacturing sector.
The component indices of the composite PMI – output (51.8), employment (51.1), new orders (50.8), and suppliers’ delivery time (51.3) – all recorded expansion, pointing to a gradual recovery in business activity and demand. However, the raw material inventory index remained in contraction at 49.6 points, suggesting relatively weak inventory restocking amid subdued industrial activity.
The July 2026 PMI points to a recovery in overall economic activity, driven by expansions in the agriculture and services sectors, which offset the contraction recorded in the industry sector. The weakness in the industrial sector likely reflects persistent cost pressures on manufacturers, maintenance activities at the Dangote Refinery during the month, and weaker performance in the construction subsector, among other factors.
The composite input and output price indices declined by 1.6 points and 3.1 points to 62.7 and 57.9 points, respectively, indicating a moderation in input costs and selling-price pressures. This trend is consistent with the recent easing in headline inflation and, if sustained, should provide some relief to businesses and support profit margins in the near term.
Click here to download full report: CSL Nigeria Daily – 13 August 2026 – PMI