Business activity across Nigeria recorded its strongest and broadest growth so far in 2025, with the Composite Purchasing Managers’ Index (PMI) climbing to 56.4 points in November, the Central Bank of Nigeria (CBN) announced on Monday.
The reading marks the twelfth consecutive month of expansion and reflects gains in 29 out of 36 subsectors surveyed the widest coverage of growth seen this year.
The CBN’s November PMI report shows the services sector leading the pack with a robust 56.8 points, extending its expansion run to ten straight months. All 14 services subsectors posted increases in business activity, signalling sustained recovery in consumer spending, professional services, and trade.
Agriculture followed closely at 58.2 points, maintaining expansion for the sixteenth month in a row. Every one of the five agricultural subsectors reported growth, underlining the sector’s critical role in meeting rising domestic demand for food and industrial raw materials.
Industry recorded a PMI of 54.2 points, with 10 of its 17 subsectors expanding. The uptick points to improved output in manufacturing, construction, and allied activities despite lingering challenges with input costs and power supply.
Price pressures, however, varied sharply across sectors. Agriculture faced the steepest squeeze, with a 7.2-point gap between input and output prices, indicating mounting costs for farmers. Services recorded the smallest gap at 2.7 points, suggesting better cost absorption in that segment.
A PMI reading above 50 points signals expansion, while below 50 indicates contraction. The November composite score of 56.4 points – the highest in several months – confirms that Nigeria’s economic recovery is gaining depth and breadth as the year winds down.
The sustained uptrend comes amid ongoing monetary tightening by the CBN, improved forex liquidity, and gradual easing of supply-chain bottlenecks. Analysts say the broad-based subsector growth could support stronger GDP figures when the National Bureau of Statistics releases its Q4 2025 estimate early next year.
