Report: Agriculture, Manufacturing Recorded Sharp Output Rise as Services, Wholesale Booked Modest Growth in June

Report: Agriculture, Manufacturing Recorded Sharp Output Rise as Services, Wholesale Booked Modest Growth in June

Dike Onwuamaeze

Agriculture and manufacturing sectors recorded sharp rises in output while the services and the wholesale and retail sectors booked modest growth in the month of July 2026.

This was reported in the Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index (PMI), whose headline PMI registered 52.5 in July, though down from 53.4 in June but still above the 50.0 no-change mark and signalling a sixth successive monthly strengthening in the health of the private sector.

According to the report: “Improving demand conditions supported a further increase in business activity, albeit one that was only modest and the slowest since January.The agriculture and manufacturing sectors posted sharp rises in output, with growth more modest in the se rvices and wholesale and retail categories. A modest increase in employment was also recorded in July as companies responded to higher output requirements. Though the pace of growth eased to a three-month low.”