Nigeria’s PMI Rises to 56.4, Extends Growth Streak

Nigeria’s economic activity maintained strong momentum in February as the Purchasing Managers’ Index (PMI) rose to 56.4 points, indicating sustained expansion in business activities across key sectors of the economy.

The index marks the fifteenth consecutive month of growth, reflecting improving conditions in the manufacturing, services, and agricultural sectors.

A PMI reading above 50 points indicates expansion, while readings below that threshold signal contraction. The latest figure therefore suggests that economic activity continued to strengthen during the period under review.

Data from the survey showed that 30 out of the 36 subsectors assessed recorded growth, demonstrating broad-based improvement across multiple industries.

The expansion was supported by increases in production levels, new orders, employment, and inventory accumulation, all of which contributed to stronger business activity.

Among the major sectors, industry recorded the strongest performance, posting a PMI reading of 56.8 points. The sector experienced improvements across key indicators including output, new orders, and employment.

Production activity remained particularly robust, with the output index rising to 59.6 points, reflecting increased manufacturing activity and improved demand conditions.

The new orders index stood at 56.3 points, indicating continued growth in customer demand and business transactions across industries.

Employment levels also showed improvement, with the employment index reaching 54.4 points, suggesting that companies expanded their workforce in response to rising business activity.

Inventory levels recorded a similar trend, with the raw materials inventory index at 54.4 points, indicating that businesses increased their stock levels to meet anticipated demand.

Supply chain efficiency also improved during the period. The supplier delivery time index stood at 58.0 points, suggesting faster delivery of inputs and improved coordination between suppliers and businesses.

The services sector maintained a strong performance, recording a PMI of 55.3 points, which marked its thirteenth consecutive month of expansion.

Similarly, the agriculture sector sustained its growth trajectory, with a PMI of 56.5 points, extending its expansion streak to nineteen consecutive months.

The continued growth across multiple sectors highlights improving business confidence and rising economic activity. Analysts say the sustained expansion indicates resilience within the economy, although broader structural reforms and investment will remain critical to maintaining long-term growth momentum.