Nigeria’s Economy Maintains Momentum, Expands for 11th Straight Month — CBN Report

Nigeria’s economy continues to show signs of strength, as the Central Bank of Nigeria (CBN) reports that the country’s Purchasing Managers’ Index (PMI) rose to 55.4 points in October 2025, up from 54.0 points in September. This marks the eleventh consecutive month of economic expansion, signaling consistent growth across key sectors.

According to the CBN report, the industry, services, and agriculture sectors were the main drivers of this positive momentum, reflecting broad-based improvement in business and production activities nationwide.

“The composite PMI stood at 55.4 index points in October 2025, compared with 54.0 index points in September 2025, indicating stronger and wider expansion in economic activity,” the apex bank said.

Within the industry sector, the PMI stood at 54.2 points, showing continued improvement in manufacturing and production. Out of the 17 subsectors surveyed, nine reported growth, highlighting steady recovery despite economic headwinds.

The services sector performed even better, with a PMI of 55.6 points—its ninth straight month of expansion. Eleven of the 14 subsectors surveyed recorded business growth, showing how resilient Nigeria’s service economy remains amid global uncertainties.

Agriculture also maintained its impressive momentum. The sector’s PMI climbed to 55.7 points, marking its fifteenth consecutive month of expansion. All five subsectors within agriculture experienced growth, a strong indicator that the country’s food production and agri-business ecosystem remain active and expanding.

Interestingly, the CBN report noted that agriculture recorded the widest gap between input and output prices at 8.4 points, reflecting rising costs in the sector. In contrast, the services sector recorded the narrowest gap, at just 0.6 points.

Further analysis of all 36 subsectors across industry, services, and agriculture revealed that 25 recorded expansion in October, while 11 experienced mild contractions. The Educational Services subsector posted the strongest growth, while Petroleum and Coal Products saw the sharpest decline.

However, the CBN emphasized that the few contractions had little effect on the overall outcome, as growth across other sectors remained robust enough to sustain the country’s positive economic trajectory.

With eleven straight months of expansion, Nigeria’s economy appears to be on a steady recovery path—one powered by consistent business activity, sectoral resilience, and improving investor confidence.