CBN PMI hits 53.2, economy sustains growth in March
The Central Bank of Nigeria (CBN) has said Nigeria’s economy continued to grow in March 2026, as its latest Purchasing Managers’ Index (PMI) shows steady expansion across key sectors. The
The Central Bank of Nigeria (CBN) has said Nigeria’s economy continued to grow in March 2026, as its latest Purchasing Managers’ Index (PMI) shows steady expansion across key sectors.
The CBN said the composite PMI stood at 53.2 points in March, marking the sixteenth straight month of growth in economic activities.
The PMI is a monthly survey that measures business performance. A figure above 50 points means the economy is growing, while a figure below 50 shows a decline. This means the latest reading of 53.2 points indicates that business activities are improving across the country.
According to the report, most sectors of the economy recorded growth during the month under review. “Out of the 36 subsectors surveyed, 31 recorded expansion in economic activities,” the CBN said.
The industrial sector recorded a strong performance, with its PMI rising to 54.0 points in March. This shows increased production in factories and manufacturing businesses.
The apex bank said 14 out of the 17 industrial subsectors surveyed reported growth. “This indicates a strong and widespread increase in industrial activities,” the report stated.
In the services sector, the PMI stood at 52.0 points, showing that businesses such as banking, transport, education, and hospitality continued to grow for the fourteenth consecutive month.
However, the CBN noted that the pace of growth in services slowed slightly compared to the previous month.
“While this reflects continued expansion, it is a moderation from the stronger performance recorded earlier,” it said.
Twelve of the 14 service subsectors recorded growth, while two—Professional, Scientific and Technical Services, and Accommodation and Food Services—experienced a decline.
The education sector recorded the highest level of growth within the services category.
The agriculture sector also maintained strong performance, with a PMI of 52.8 points in March. This marks the twentieth consecutive month of expansion in farming and related activities.
“All five agricultural subsectors recorded growth, with forestry posting the strongest expansion,” the CBN said.
The report also showed that key indicators of economic activity improved during the month. Output, which measures production levels, rose to 55.6 points, indicating that businesses increased their production.
New orders, which reflect customer demand, stood at 53.1 points, suggesting that more people and businesses are placing orders.
Employment also grew, with an index of 52.1 points, meaning more jobs were created during the period. “This reflects improvements in production and labour engagement,” the CBN said.
The stock of raw materials held by businesses also increased, with the inventory index at 53.1 points, indicating that companies are preparing for continued production.
The CBN added that suppliers continued to deliver goods efficiently, with a delivery index of 56.3 points, although slightly slower than in the previous month.
Among all subsectors, electrical equipment recorded the strongest growth, while primary metals showed the biggest decline. However, the bank said the impact of the decline was minimal compared to the overall expansion recorded across most sectors.
Overall, the report shows that Nigeria’s economy remained on a growth path in March 2026, with improvements seen in production, demand, and employment.
The CBN said the broad-based expansion across industries, services, and agriculture suggests that economic activities are gradually strengthening, despite some areas recording slower growth.
