February 05, (THEWILL) — Nigeria’s private sector activity expanded for the 14th consecutive month in January 2026, as the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) rose to 55.7, signalling sustained growth across key sectors of the economy.
A PMI reading above 50 indicates expansion, reflecting improving business conditions driven by higher output, new orders, and relative stability in supply chains.
The January figure represents a modest improvement from the previous month, underscoring continued recovery momentum despite lingering inflationary pressures.
According to the CBN, growth was supported by increased consumer demand and improved operational conditions, particularly in manufacturing and services.
Firms reported stronger order inflows and rising production levels, while employment conditions also showed marginal improvement as businesses expanded capacity to meet demand.
However, cost pressures remain a concern, with higher input prices linked to energy costs, logistics challenges, and exchange rate movements continuing to affect operating expenses.
Analysts say the sustained PMI expansion reflects resilience in the non-oil sector, supported by ongoing economic reforms and improved access to credit.
They note that while growth momentum remains positive, easing inflation and stabilising costs will be critical to sustaining business confidence in the coming months.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
