CBN PMI hits 53.2 points, economy sustains growth in March

The Central Bank of Nigeria (CBN) has said the economy sustained its growth momentum in March 2026, with its latest Purchasing Managers’ Index (PMI), pointing to continued expansion across key sectors.

The composite PMI stood at 53.2 points, marking the sixteenth consecutive month of growth. A PMI reading above 50 indicates expansion, suggesting that business activities improved nationwide during the period.

According to the report, 31 of the 36 subsectors surveyed recorded growth, reflecting broad-based economic expansion. The industrial sector led the performance, with its PMI rising to 54.0 points, driven by increased manufacturing and production activities. Fourteen of the 17 industrial subsectors recorded growth, highlighting strong and widespread momentum.

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The services sector posted a PMI of 52.0 points, extending its growth streak to fourteen months. However, the pace of expansion slowed slightly compared to the previous month. Twelve of the 14 subsectors recorded growth, while Professional, Scientific and Technical Services, and Accommodation and Food Services declined. The education subsector recorded the strongest growth within the category.

Agriculture also remained resilient, with a PMI of 52.8 points, marking the 20th consecutive month of expansion. All five agricultural subsectors recorded growth, with forestry leading the gains.

Key indicators further underscored the positive trend. Output rose to 55.6 points, while new orders stood at 53.1 points, reflecting increased demand. Employment grew to 52.1 points, indicating improved labour engagement, and inventories rose to 53.1 points as firms prepared for sustained production.

Supplier delivery performance remained strong at 56.3 points, though slightly slower than the previous month.

Overall, the data points to steady economic expansion, with gains in production, demand, and employment supporting Nigeria’s growth trajectory despite mild slowdowns in some sectors.