Nigeria’s Economic Activities Contracts in April 2026

According to the Central Bank of Nigeria’s Economic Activities as measured by Nigeria’s (CBN) Purchasing Managers’ Index (PMI) report for April 2026, the PMI declined to 49.4 points, falling just below the 50-point threshold and signalling a mild contraction after sixteen consecutive months of expansion. Out of the 36 subsectors surveyed, 19 recorded contractions, while one remained unchanged.

At the sectoral level, both the industry (49.5 points) and services (48.8 points) sectors recorded contraction, whereas the agriculture sector (50.2 points) continued to expand for the twenty-first consecutive month. Key indicators further reflect this slowdown, with output (49.7 points), new orders (48.4 points), and employment (49.6 points) all indicating mild contraction. Overall, the Composite PMI points to a broader moderation in economic activity during the review period. The return to contraction in aggregate economic activity after a prolonged period of expansion emphasises the need for urgent policy interventions.

The government should prioritise supporting small and medium-sized enterprises by improving their access to affordable energy, reliable power supply, credit facilities, and capacity building programmes. In addition, given the contractions in both the industrial and service sectors, the government should introduce targeted stimulus measures, including tax incentives and grants, to revitalise manufacturing and enhance export performance. Sustaining the growth momentum in the agriculture sector will also require continued improvements in security, transport infrastructure, and access to critical inputs.