Nigeria’s economy continued to expand in March 2026, with the latest Purchasing Managers’ Index (PMI) showing steady growth across key sectors, the Central Bank of Nigeria has reported.
The composite PMI for March stood at 53.2 points, marking the sixteenth consecutive month of economic expansion. By definition, a PMI above 50 points signals growth, while a reading below 50 indicates contraction. The latest figure suggests that business activities across Nigeria are improving.
According to the report, 31 out of 36 subsectors surveyed recorded growth during the month. The industrial sector performed strongly, posting a PMI of 54.0 points, reflecting increased production in factories and manufacturing firms. Of the 17 industrial subsectors surveyed, 14 showed expansion, indicating widespread industrial growth.
The services sector also grew, with a PMI of 52.0 points, marking the fourteenth consecutive month of improvement in areas such as banking, transport, education, and hospitality. However, the pace of growth in services slowed slightly compared to February, with two subsectors—Professional, Scientific and Technical Services, and Accommodation and Food Services—reporting declines. Education recorded the highest growth within the services category.
Agriculture maintained solid performance with a PMI of 52.8 points, representing the twentieth consecutive month of expansion. All five agricultural subsectors showed growth, with forestry experiencing the strongest increase.
Key indicators of economic activity also improved in March. Output, measuring production levels, rose to 55.6 points, while new orders stood at 53.1 points, signaling growing customer demand. Employment increased, with an index of 52.1 points, suggesting more jobs were created during the period. Businesses also built up stocks of raw materials, with an inventory index of 53.1 points, indicating preparations for sustained production.
Supplier delivery performance remained efficient, with a delivery index of 56.3 points, though slightly slower than the previous month. Among subsectors, electrical equipment recorded the strongest growth, while primary metals showed the largest decline; however, the overall impact was minimal relative to the broad-based expansion observed.
The CBN noted that the sustained growth across industry, services, and agriculture reflects a gradual strengthening of economic activities, even as some areas experience slower momentum.
“Improvements in production, demand, and employment point to a resilient economy on a positive growth trajectory,” the bank said, highlighting that March’s PMI readings underscore Nigeria’s ongoing economic recovery and diversification efforts.