Nigeria’s economic activities shrunk to 49.4 points from its previous 50-point threshold, according to the Central Bank of Nigeria (CBN).

The CBN which disclosed this in its newly-released Purchasing Managers’ Index (PMI) report for April 2026, noted that the decline signalled a mild contraction after sixteen consecutive months of expansion.

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According to the CBN,.out of the 36 subsectors surveyed, 19 recorded contractions, while one remained unchanged.

At the sectoral level, both the industry (49.5 points) and services (48.8 points) sectors recorded contraction, whereas the agriculture sector (50.2 points) continued to expand for the twenty-first consecutive month.

Key indicators further reflect this slowdown, with output (49.7 points), new orders (48.4 points), and employment (49.6 points) all indicating mild contraction.

Overall, the Composite PMI points to a broader moderation in economic activity during the review period. The return to contraction in aggregate economic activity after a prolonged period of expansion emphasises the need for urgent policy interventions.

“The government should prioritise supporting small and medium-sized enterprises by improving their access to affordable energy, reliable power supply, credit facilities, and capacity building programmes.

“In addition, given the contractions in both the industrial and service sectors, the government should introduce targeted stimulus measures, including tax incentives and grants, to revitalise manufacturing and enhance export performance.

“Sustaining the growth momentum in the agriculture sector will also require continued improvements in security, transport infrastructure, and access to critical inputs,” the CBN said.