Nigeria’s economy exited contraction in June as the Purchasing Managers’ Index, PMI, rebounded to 50.1 points from 49.6 points in May, driven by sustained expansion in the agriculture sector despite continued weakness in industry and services, the Central Bank of Nigeria, CBN, has said in its latest PMI Report released yesterday
But, according to another report, Household Expectations Survey (HES), also released yesterday by the apex bank, Nigerians remained pessimistic about prevailing economic conditions in June despite growing optimism about the medium-term outlook.
PMI Reports focuses on corporate organizations while HES is basically a household survey.
Meanwhile, a third report released by CBN yesterday also indicated that business confidence among Nigerian firms fell for the fourth consecutive month in June.
According to the apex bank, “The composite PMI rose to 50.1 points in June 2026, signalling a return to expansion in overall economic activity after the contraction recorded in May 2026.” The report added: “Of the 36 subsectors surveyed, 19 reported expansion, while 17 recorded declines in business activity.”
The CBN attributed the recovery entirely to agriculture, stating: “The Agriculture PMI increased to 52.1 points in June 2026 from 50.9 points in May 2026, indicating stronger growth momentum and marking the twenty-third consecutive month of expansion in the sector.” It further noted that “all five agricultural subsectors surveyed recorded growth during the review period,” with Forestry reporting the strongest growth.
The report, however, showed that manufacturing and services remained under pressure. It stated: “The Industry PMI stood at 49.5 points in June 2026, indicating a contraction in industrial activity,” while “The Services PMI registered 49.4 points in June 2026, reflecting a contraction in business activity within the sector.”