Nigeria: Economic Activity Expands for Second Month, Industrial Sector Contracts

Data released by the Central Bank of Nigeria (CBN) revealed that economic activity in the country expanded for the second consecutive month in July 2026. The Purchasing Managers' Index (PMI), which measures the health of private sector industries, reached a reading of 51.1 points, above the crucial threshold of 50, indicating expansion for the second straight month. However, the industrial sector remains in contraction, suggesting a divided performance across different economic segments. This dynamic reflects the global complexities affecting industry, including rising raw material costs and fluctuating market demands, while also highlighting the resilience of the private sector.