Economic activities in Nigeria expanded for the 14th consecutive month in January 2026, to 55.7 index points.
According to the Central Bank of Nigeria, CBN, Purchasing Managers Index, PMI, Report for January 2026 released yesterday, the Industry, service and agriculture sectors recorded growth at 56, 54.5 and 54.2 index points respectively during the period. The report stated: “The composite PMI for January 2026 stood at 55.7 points, signaling expansion in aggregate economic activity for the fourteenth consecutive month.
“The industry sector PMI at 56.0 points, reflects an expansionary trajectory in January 2026.
“Further analysis indicated that 14 of the 17 subsectors surveyed reported expansion, indicating a stronger, robust and widespread expansion in industrial activity.
“The Service Sector PMI, at 54.5 points in January 2026, indicated sustained expansion for the twelfth consecutive month.
“Twelve (12) subsectors out of 14 surveyed recorded growth in business activity, while two (2) subsectors reported contractionary positions.
“This underscores the broad-based nature of the sector’s performance. At 54.2 index points, the Agriculture Sector recorded expansion for the eighteenth consecutive month.
“All the five (5) subsectors recorded growth in agricultural activities in January 2026.”
CBN noted that out of the 36 subsectors covered in the survey, 31 experienced expansion in activities.
“The input and output price indices moderated in January 2026, with the output prices declining more for the Composite, Services and Agriculture indices”, CBN added.
