Nigeria PMI climbs to 52.7 in August, marking third month of expansion
Nigeria’s Composite PMI rose to 52.7 points in August 2026, up from 51.1 in July, marking the third straight month of economic expansion according to the Central Bank of Nigeria. The gain was driven by growth in Services (PMI 53.3) and Agriculture (PMI 53.4), while Industry returned to expansion at 50.6 points after months of contraction, though only five of sixteen industrial subsectors grew.
Agriculture has now expanded for 25 consecutive months, with Forestry leading the sector and General Farming Activities at 56.5 points. Services expansion was broad-based, with Administrative and Support Services posting the strongest growth, while Professional, Scientific & Technical Services contracted. Within Industry, Oil Refining showed the strongest expansion, whereas Motor Vehicles & Assembly saw the steepest decline.
Across the economy, Output (53.9), New Orders (51.8) and Employment (52.4) remained above the 50‑point threshold, and supplier delivery times improved (53.3). Input prices fell slightly (-0.2) while output prices rose (+1.0), suggesting improving profit margins for firms in Services and Agriculture.
Stanbic IBTC noted the private sector’s strongest business‑condition improvement in 29 months, supporting a projection of 4.1% GDP growth for 2026, with the non‑oil sector expected to expand 4.11% and oil output to slow to 3.45%. Nairametrics earlier reported Q2 2026 GDP growth at 4.43% year‑on‑year, up from 4.23% a year earlier.
What does this mean for you? If you’re involved in services, farming, or oil refining, conditions are favourable for expansion or investment. Meanwhile, motor vehicle assembly faces headwinds. Consider whether to allocate resources toward the growing sectors or monitor the uneven industrial recovery for potential risks.