According to the latest PMI report released by the apex bank, this marks the fifteenth consecutive month of growth in aggregate economic activity, underscoring a broad-based recovery across key sectors.
Broad-Based Expansion Across Sectors
The CBN’s report highlights that 30 of the 36 subsectors surveyed experienced growth during the month, reflecting widespread improvement across industry, services, and agriculture. Analysts note that this expansion was driven by increases in production levels, new orders, employment, and inventory accumulation.
“The continued expansion reflects sustained growth momentum in the economy, supported by increases in production, new orders, employment, and inventory levels,” the report said.
Industry Leads the Way
The industrial sector emerged as the strongest performer in February, posting a PMI of 56.8 points. All major indicators within the sector—output, new orders, employment, and inventories—showed improvement.
- The Output index rose to 59.6 points, signaling stronger production activity.
- The New Orders and Employment indices stood at 56.3 and 54.4 points, respectively, indicating rising demand and labor engagement.
- The Raw Materials Inventory index recorded 54.4 points, while the Suppliers’ Delivery Time index rose to 58.0 points, suggesting faster supply chain responses.
Out of 17 industry subsectors surveyed, 13 expanded, while four posted modest contractions that were insufficient to dampen overall sector growth.
Services and Agriculture Sustain Growth
The services sector maintained its expansion streak, registering a PMI of 55.3 points for the thirteenth consecutive month. Thirteen out of fourteen subsectors recorded growth, with Educational Services posting the strongest gains. Professional, Scientific, and Technical Services was the only subsector to contract during the period.
- The Business Activities (Output) index in services stood at 56.4 points.
- The New Orders index rose to 56.7 points, while the Employment and Inventory indices recorded 54.1 and 54.0 points, respectively.
Agriculture also sustained its momentum, posting a PMI of 56.5 points and marking its nineteenth consecutive month of expansion. The data reflect continued improvement in farming activities and broader contributions to economic growth.
Key Takeaways
The Purchasing Managers’ Index, a forward-looking indicator of private sector health, captures changes in output, new orders, employment, supplier delivery times, and inventories. A reading above 50 points signals expansion, while below 50 indicates contraction.
The February data suggest that Nigeria’s economic recovery is broadening and gaining resilience, with multiple sectors contributing to sustained growth. Analysts say the trend underscores strengthening domestic activity, robust demand, and improved business confidence.