Nigerian private sector activity weakened at the start of 2026, falling into contraction for the first time since the Purchasing Managers’ Index (PMI) survey began in 2014, as post-festive demand softness stalled new orders and slowed output growth.
The headline PMI dropped to 49.7 in January from 53.5 in December, sliding below the 50-point mark that separates expansion from contraction, according to the latest Stanbic IBTC Purchasing Managers’ Index (PMI). The decline ended a 13-month run of growth and pointed to broadly stagnant business conditions.
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