Nigeria’s economy continued its upward momentum in March 2026, with the latest data from the Central Bank of Nigeria (CBN) showing the Purchasing Managers’ Index (PMI) at 53.2 points, marking the sixteenth month in a row of growth in overall activity. A PMI reading above 50 generally signals expansion in business conditions, so this result highlights ongoing improvement across a wide range of sectors.
The PMI survey covered 36 different subsectors of the economy, and 31 of them showed expansion, underlining that the current growth is not isolated to just a few industries but is instead broad‑based. The findings reflect resilience in key areas of economic activity, even amid ongoing macroeconomic pressures such as inflation, exchange rate volatility, and high borrowing costs.
Breakdowns of the data reveal that industry was the top performer, with a PMI of 54.0 points. Within this broad category, most of the manufacturing and production subsectors reported higher output levels, stronger new orders, and increased employment than in previous months. These trends suggest that manufacturing firms are seeing steady demand and are maintaining higher levels of production.
The agriculture sector also continued to register strong performance, with a PMI of 52.8. This marked its twentieth consecutive month of expansion, indicating that farming and related activities have been consistently growing for almost two years. All five subsectors within agriculture showed gains, a sign that both crop and livestock activities are contributing to the overall growth.
Meanwhile, the services sector posted a PMI of 52.0 points. Although its growth was slightly slower compared to industry and agriculture, the services sector nonetheless maintained its fourteenth consecutive month of expansion. Most of the service industries surveyed experienced better business conditions, supported by rising demand for services across different parts of the economy.
Despite the overall positive picture, the CBN noted that the pace of growth has shown some moderation relative to the previous month. This suggests that while economic activity is still rising, the rate of improvement is easing. The bank pointed out that challenges such as inflationary pressures, currency fluctuations, and high financing costs still affect business performance and could limit the speed at which expansion occurs.
A key takeaway from the CBN report is captured in this statement:
“PMI for March 2026 recorded a sustained expansion in economic activity across all surveyed sectors; however, the rate of growth moderated relative to the level recorded in the preceding month.”
This tempered wording reflects a cautious optimism: the economy is growing broadly, but the momentum is not accelerating at the same pace as before. Still, maintaining a PMI above 50 for sixteen straight months is considered a strong sign of recovery and stability, especially in a challenging global economic environment.
In summary, Nigeria’s latest PMI reading underscores sustained expansion across multiple key sectors, with industry leading the gains and both agriculture and services showing solid performance. Although the pace of growth has slightly eased, the overall trend points to continued improvement in business conditions nationwide
