Nigeria's Business Activity Returns to Expansion as Agriculture Lifts Economy

ABUJA/LAGOS — Nigeria's business activity returned to expansion in June 2026 after contracting the previous month, according to the Central Bank of Nigeria (CBN) Purchasing Managers' Index (PMI) survey reported by BusinessDay. The composite PMI rose to 50.1 points in June from 49.6 points in May — a reading just above the 50-point threshold that separates growth from contraction. According to the CBN, the recovery was driven almost entirely by agriculture, which posted a PMI of 52.1 points, its 23rd consecutive month of expansion, with all five agricultural subsectors growing. In contrast, industry held at 49.5 points and services at 49.4 points, both still in contraction, the CBN survey showed. Employment and output returned to expansion, with the Employment Index at 51.0 and the Output Index at 50.5, according to the report, while demand stayed weak as the New Orders Index remained in contraction at 49.0. The CBN also noted easing price pressures, with the composite input price index down 2.5 points and the output price index down 0.8 point in June. The survey, conducted by the CBN between June 8 and 12, 2026, points to a modest, uneven recovery led by farming while the two largest non-agricultural sectors lag. Source: BusinessDay. Source Reporters corrects errors promptly; contact the desk with amendments.