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Nigeria’s Economy Contracts for First Time in 16 Months as PMI Falls Below Growth Level Nigeria’s economy recorded its first slowdown in over a year in April 2026, as business activity slipped into contraction, according to data released by the Central Bank of Nigeria. The Purchasing Managers’ Index (PMI), which tracks economic activity across key sectors, dropped to 49.4 points. A reading below 50 indicates contraction, meaning the economy is no longer expanding. This marks the first decline after 16 consecutive months of growth. The slowdown was driven by weaker demand across businesses, fewer new orders, and reduced hiring by companies. Many firms also cut back on purchasing raw materials, reflecting caution in response to uncertain market conditions. The decline was most visible in the industrial and services sectors. Manufacturing activity weakened as new orders fell and employment levels dropped, while the services sector also recorded a broad-based slowdown across transport, banking, and other business services.