By Babajide Komolafe
Nigeria’s economic activities expanded for the third consecutive month in August as the Composite Purchasing Managers’ Index (PMI) rose to 52.7 index points, driven by sustained growth in the services and agriculture sectors and a rebound in industrial activity.
The Central Bank of Nigeria (CBN), in its August 2026 PMI report, stated: “The composite PMI edged-up from 51.1 index points in July to 52.7 points in August 2026, retaining expansion in overall economic activity for the third month. Of the 32 subsectors surveyed, 19 reported expansions, while the remaining 13 recorded declines in business activity.
‘‘The August 2026 PMI points to a modest recovery in overall economic activity, driven by sustained expansions in the Services and Agriculture sectors, and further helped by a recovery in the Industry sector.”
The Industry PMI, which had remained in contraction since April, returned to expansion in August.
CBN said: “The Industry PMI stood at 50.6 points in August 2026, indicating a rebound of industrial activity to expansionary path for the first month in the year.”
It explained that “the Output Index bounced above the 50-point threshold at 51.4 points in August 2026, despite the recorded declines in new orders and raw materials.”
The report further stated that “Service Delivery Time (53.3 points) and Employment index (50.7 points) indices remained expansionary, suggesting continued resilience in labour utilisation and operational performance.”
On the services sector, the CBN said “the Services PMI registered 53.3 points in August 2026, reflecting an expansion for the second month in business activity within the sector.” It added that “of the 11 subsectors surveyed, 9 reported growth, while 2 subsectors recorded a decline.”
Agriculture maintained its strong performance, with the report stating: “The Agriculture PMI increased to 53.4 points in August 2026, marking the twenty-fifth consecutive months of expansion in the sector.”
The apex bank noted that “all the 5 subsectors recorded an expansion during the review period.”
Meanwhile, the composite PMI components also remained positive, with “Output (53.9), Employment (52.4) and New Orders (51.8) indices” all registering expansion.
CBN said this “highlights a continuous growth momentum across key components of the Composite PMI.”
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