Aggregate economic activity expanded for the fifteenth consecutive month in February 2026, as the composite Purchasing Managers’ Index (PMI) rose to 56.4 points from 55.7 points in the previous month, according to the Central Bank of Nigeria’s (CBN) PMI report for February 2026.

The report stated that out of the 36 subsectors covered in the survey, 30 experienced expansion in economic activity. Specifically, the report said: “The Composite PMI, alongside its three major sectoral indices industry, services, and agriculture— recorded expansions, collectively signaling an improvement in economic activity.

The expansions recorded across the three sectors provide strong evidence of a robust and sustainable growth momentum, underpinning a positive economic outlook in Q1 2026.” On the three major sectoral indices, the report said that the industry sector PMI stood at 56.8 points in February 2026, “driven by increases recorded across all sectoral indicators.”

It further indicated that 13 of the 17 subsectors surveyed reported expansion, indicating a stronger, robust and widespread expansion in industrial activity.

The report also stated that the Service Sector PMI stood at 55.3 points in February 2026, indicating sustained expansion for the 13th consecutive month, adding that, “Thirteen subsectors out of 14 surveyed recorded growths in business activity, while one subsector reported contractionary position.”

Similarly, according to the report, at 56.5 index points, the agriculture sector recorded expansion for the nineteenth consecutive month. “Of the five agricultural subsectors surveyed, four reported expansions in February 2026, but forestry contracted,” the report said.

In addition, the report indicated that the input price indices for the Composite PMI and its subsectors Industry, Services and Agriculture were higher than their corresponding output price indices.