Industry, services sectors contract as PMI records 49.4 in April– CBN Report
Source: CBN
Nike Popoola
The composite Purchasing Index (PMI) for April 2026 stood at 49.4
points, marginally below the 50-point threshold, indicating a slight contraction in aggregate economic activity following 16 consecutive months of expansion.
Out of 36 subsectors covered in the survey, 19 recorded contraction in
economic activity while one was stationary.
The Industry sector PMI at 49.5 points reflects a mild contraction in April 2026.
Further analysis indicated that eight of the seventeen 17 subsectors surveyed
reported contraction in industrial activity.
The Service Sector PMI stood at 48.8 points in April 2026, indicating a contraction in business activity.
Ten out of 14 subsectors recorded declines, while four registered expansion.
At 50.2 index points, the agriculture sector sustained its expansion for the 21st consecutive month. Of the five agricultural subsectors surveyed in April
2026, three recorded expansion, one remained unchanged, and only one experienced a slight contraction.
The composite input and output price indices rose by the same magnitude in April
2026, reflecting aligned increases in production costs and selling prices.
