Nigeria Economic Outlook: PMI Hits 55.7 as NNPC Overhauls Refining Sector

Nigerias economic activity shows strong resilience as the CBN reports a 55.7 PMI, while NNPC initiates major structural reforms in the energy sector to eliminate value leakage.

Robust Private Sector Activity

The latest data points to a strengthening business environment, moving further above the critical 50.0 mark. Analysts view the 14-month growth streak as a key indicator of recovery.

Energy Sector Reform: NNPC Halts Refineries

In a significant move to stem fiscal drainage, the NNPC Ltd. has announced the shutdown of state-owned refineries. This decision marks a pivot toward operational efficiency for Nigeria, a key member of OPEC.

Data Snapshot

• Composite PMI: 55.7
• Period: January 2026
• Growth Streak: 14 consecutive months
• Entity: NNPC

Equities Rally on Governance Pacts

Investor sentiment has responded positively to signs of improved regulatory oversight. Nigerian equities posted their strongest daily gains, bolstered by a new integrity pact.