Nigeria’s private sector continued its upward trajectory in November 2025, as the Composite Purchasing Managers’ Index (PMI) climbed to 56.4 index points, up from 55.4 in October.
This rise signals a stronger and broad-based expansion in aggregate economic activity, reinforcing the country’s steady economic rebound throughout the year.
According to the latest PMI report released by the Central Bank of Nigeria (CBN), November’s figures represent the twelfth consecutive month of expansion, with all indicators surpassing earlier 2025 performance levels.
“Overall, the November 2025 PMI data indicated a continued expansion in economic activities across all sectors, surpassing all earlier indices in the year,” the report stated.
Broad-Based Expansion Across Indicators
The key sub-indices showed significant improvement:
- Output Index: 59.1 points
- New Orders Index: 56.7 points
- Employment Index: 54.4 points
- Raw Materials Inventory: 54.3 points
- Suppliers’ Delivery Time: 55.6 points
These numbers highlight rising production levels, increased market demand, and improved supply chain performance. Businesses across sectors continue to benefit from more efficient operations, growing customer orders, and faster delivery timelines.
Industry Sector: Moderate Growth Amid Pockets of Contraction
The Industry Sector PMI recorded 54.2 points, indicating continued expansion despite mild contractions in a few subsectors. Out of the 17 industrial categories surveyed by the CBN, seven reported slight declines, with Paper Products experiencing the steepest drop.
However, growth pockets remained strong, especially in Water Supply, Sewage & Waste Management, which posted the sector’s most significant expansion.
Sub-index breakdown:
- Output: 57.1 points
- Employment: 51.6 points
- Raw Materials Inventory: 49.7 points
- Suppliers’ Delivery Time: 55.6 points
- New Orders: 54.4 points
Raw materials inventory fell below the 50-point threshold, reflecting tight input availability or more efficient inventory management by manufacturers.
Services Sector: Ten Months of Steady Growth
The Services Sector PMI remained robust at 56.8 points, marking its tenth consecutive month of expansion. All 14 subsectors surveyed recorded growth, signaling resilience in Nigeria’s service-driven economy.
Educational Services recorded the strongest improvement, driven by rising enrolment, increased private investment, and stable academic calendars. Meanwhile, Professional, Scientific & Technical Services posted the slowest—but still positive—growth rate.
The across-the-board expansion suggests continued improvements in consumer spending, business activities, and service delivery.
Agriculture Sector: Strongest Performer as PMI Rises to 58.2 Points
The Agriculture Sector PMI stood at a robust 58.2 points, marking its sixteenth consecutive month of growth, making it the longest performing sector in the PMI series.
All five subsectors expanded, reflecting improved farming conditions, better access to inputs, and rising domestic demand.
Key sub-indices included:
- General Farming Activities: 61.4 points
- New Orders: 59.5 points
- Employment: 55.6 points
- Raw Materials Inventory: 56.3 points
Forestry recorded the strongest growth among the subsectors, benefiting from increased demand for timber and related raw materials.
Why this matters
The November 2025 PMI figures offer critical insight into the health and direction of Nigeria’s economy at a time when stability is urgently needed.
Twelve consecutive months of expansion confirm that Nigeria is firmly on a recovery path after years of economic shocks, currency volatility, and inflationary pressures. A PMI above 50 shows businesses are growing; staying above 55 for months shows the recovery is not accidental but sustained.
Consistent improvement across output, new orders, and employment reassures both domestic and foreign investors that Nigeria’s private sector is regaining strength. This can translate into increased capital inflows, expansion of existing businesses, and improved credit conditions.
Growth in all major sectors—industry, services, and agriculture—signals an economy that is expanding on multiple fronts. Agriculture’s 16-month streak and services’ steady climb are particularly important because these sectors collectively employ millions of Nigerians.
