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Lagos, Lagos State – By Prime Brief Media

Nigeria's business and economic activity slipped into contraction in April 2026 as the Purchasing Managers' Index (PMI) fell to 49.4, marking the first decline after 16 consecutive months of expansion. This is according to the latest report released by the Central Bank of Nigeria.

The figure, which dropped below the 50-point threshold that separates expansion from contraction, reflects a broad-based slowdown across key sectors, particularly industry and services, even as agriculture remained resilient. A breakdown of the composite index shows that the contraction was largely driven by weakening demand conditions and slowing business activity. Output fell to 49.7, new orders declined more sharply to 48.4, while employment dropped to 49.6, all indicating reduced momentum across the economy.

Of the 36 subsectors surveyed, 19 contracted, one remained unchanged, while 16 posted expansion. Primary metals recorded the steepest decline, while forestry emerged as the fastest-growing subsector during the month. The report linked the moderation in business conditions to external pressures, including heightened geopolitical tensions, particularly in the Middle East, which may have disrupted supply chains and business confidence.

The services sector recorded a deeper contraction, with PMI at 48.8, its first decline after 14 months of growth. Business activity, new orders, employment, and inventories all fell. Ten of the 14 service subsectors contracted, with transportation and warehousing posting the steepest drop, while educational services recorded the strongest growth within the sector.

In contrast, the agriculture sector maintained its expansion streak, with PMI at 50.2, marking the 21st consecutive month of growth. However, both input and output price indexes rose by 3.2 points in April, indicating that rising production costs were being passed on to consumers.

Prime Brief Media will report on further economic indicators and official responses as they become available.

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