By Elizabeth Adegbesan
Economic activity in Nigeria expanded for the second consecutive month in July 2026 as the Central Bank of Nigeria (CBN) Purchasing Managers’ Index (PMI) rose to 51.1 points, although the industrial sector remained in contraction.
The CBN disclosed this in its latest PMI report, stating that the composite PMI edged up from the previous month to signal sustained improvement in overall business conditions.
According to the report, 20 of the 32 subsectors surveyed recorded growth, while the remaining 12 contracted.
However, the Industry PMI fell to 49.6 points, indicating a decline in manufacturing and related activities. Eight of the 16 industrial subsectors surveyed recorded expansion, while the other eight contracted.
