Nigeria’s private sector slipped into contraction in April 2026, with the Purchasing Managers’ Index falling to 49.4 points, ending 16 consecutive months of expansion, according to the Central Bank of Nigeria. The decline was driven by weakening demand and slower business activity. Output fell to 49.7, new orders dropped to 48.4, and employment declined to 49.6, all below the 50‑point threshold that separates expansion from contraction.
Of the 36 subsectors surveyed, 19 recorded contraction, with primary metals posting the steepest decline. The industry sector PMI stood at 49.5, while the services sector contracted more sharply at 48.8, ending 14 months of growth. Transportation and warehousing recorded the steepest decline in services. The CBN linked the moderation to external pressures, including heightened geopolitical tensions in the Middle East, which disrupted supply chains and business confidence.
In contrast, the agriculture sector sustained expansion for the 21st consecutive month, with a PMI of 50.2, driven by general farming activities and strong employment. Forestry recorded the fastest growth among subsectors. Analysts say the mixed picture – contraction in industry and services but resilience in agriculture – reflects Nigeria’s uneven economic recovery. The PMI data suggests that without targeted policy support for manufacturing and logistics, the broader economy may struggle to regain momentum.
