Nigeria’s private sector maintained expansionary momentum in July 2026, as the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) rose to 51.1 points. The growth was primarily driven by the agriculture and services sectors, which both recorded positive expansions. While agriculture marked its 24th consecutive month of growth, the industry sector remained in slight contraction at 49.6 points, reflecting ongoing challenges in output and raw material inventory levels. Overall, the index signals improving business conditions and a cautiously positive economic outlook.