Market News

Nigeria’s August PMI confirms a recovery in economic activity, but the quality of the expansion remains uneven. The composite PMI rose to 52.7 points from 51.1 in July, extending expansion across Industry, Services and Agriculture. However, output is growing faster than new orders, while export orders remain in contraction, suggesting that the recovery is still largely domestically driven.

Weakness in the power supply, construction, and selected industrial segments also highlights persistent structural constraints. 

For investors, the PMI provides a cautiously positive signal for near-term economic activity but does not yet support a broad-based acceleration in corporate earnings. Sustained improvement in new orders, industrial activity and external demand will be critical for confirming the durability of the recovery. 

 Nigeria’s Composite Purchasing Managers’ Index (PMI) rose to 52.7 points in August 2026 from 51.1 points in July, extending the economy’s expansion to a third consecutive month and marking the strongest reading since March 2026, according to the Central Bank of Nigeria’s (CBN) latest PMI report released by the Statistics Department of the Economic Policy Directorate.

The headline improvement was broad across the three sectors for the first time this year. Industry returned to growth at 50.6 points after four consecutive months of contraction; Services accelerated to 53.3 points in a second straight month of expansion; and Agriculture strengthened to 53.4 points, its twenty-fifth consecutive month above the 50-point threshold (see dashboard below)