By Seun Ibiyemi
Nigeria’s economy has maintained steady growth momentum for the 11th consecutive month, according to the latest Purchasing Managers Index (PMI) report released by the Central Bank of Nigeria (CBN) on Wednesday.
The report revealed that the composite PMI for October 2025 stood at 55.4 points, up from 54.0 points recorded in September, signaling a stronger and more broad-based expansion in economic activities across key sectors.
According to the CBN, the sustained improvement reflects growing business confidence, increased output performance, and overall economic resilience amid ongoing fiscal and monetary reforms.
A breakdown of the data showed that 25 out of 36 subsectors surveyed recorded expansion during the review period — a development that underscores Nigeria’s continued recovery across multiple fronts.
In the industrial sector, the PMI climbed to 54.2 points in October from 51.4 in September, reflecting a marked improvement in manufacturing and production activity. Nine of the 17 industry sub-sectors posted growth, confirming a gradual but sustained rebound in industrial output.
The services sector, which remains a major driver of Nigeria’s non-oil economy, recorded 55.6 points, marking its ninth consecutive month of expansion.
Out of 14 sub-sectors surveyed, 11 reported growth, highlighting the sector’s resilience and steady contribution to GDP growth.
Similarly, the agriculture sector sustained its upward trajectory with a PMI reading of 55.7 points, marking its 15th consecutive month of expansion the longest among the three major composite sectors.
All five agricultural sub-sectors recorded growth, underscoring the sector’s critical role in bolstering national food supply and rural employment.
The report also noted that the Output Index (57.2 points), New Orders (56.0 points), and Employment Index (53.8 points) all posted gains in October, reflecting expanding production levels, higher business orders, and improved job creation. Supplier delivery times also improved, with an index reading of 54.8 points, indicating enhanced efficiency in logistics and supply chains.
Despite mild contractions in 11 sub-sectors led by petroleum and coal products, the CBN said the overall data confirms a broad-based economic recovery heading into the final quarter of 2025.
“The PMI report provides the views of respondents and does not in any way represent the view of the Central Bank of Nigeria. As such, the CBN cannot be held liable for any action taken based on the responses provided in this survey,” the apex bank clarified.
The consistent PMI growth reflects a positive economic outlook, supported by policy measures aimed at stabilizing inflation, stimulating local production, and restoring investor confidence.