Nigeria’s private sector maintained its expansionary trajectory in July 2026, driven by sustained performance in the agriculture and services sectors.
According to the latest data from the Central Bank of Nigeria (CBN), the Purchasing Managers’ Index (PMI) rose to 51.1 points. The index, which measures the economic health of the manufacturing and services sectors, indicates that business activity continues to grow, as any reading above 50.0 points signals expansion.
Agriculture sector maintains two-year growth streak
A standout feature of the July report is the resilience of the agriculture sector, which recorded its 24th consecutive month of growth. This two-year streak highlights a period of consistent expansion for the industry, positioning it as a primary driver of the broader private sector momentum.
Alongside agriculture, the services sector also provided critical support to the overall expansion, helping to push the PMI upward and solidify the private sector’s growth trend.
The combination of these two sectors has allowed the Nigerian private sector to sustain its expansionary momentum despite the broader economic environment.
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