Nigeria’s Composite Purchasing Managers’ Index (PMI) rose to 56.4 index points in November 2025, up from 55.4 in October.
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.
This rise shows the country’s steady economic rebound throughout the year.
According to the report, “Overall, the November 2025 PMI data indicated a continued expansion in economic activities across all sectors, surpassing all earlier indices in the year.”
The key sub-indices showed significant improvement with Output Index: 59.1 points; New Orders Index: 56.7 points; Employment Index: 54.4 points; Raw Materials Inventory: 54.3 points; and Suppliers’ Delivery Time: 55.6 points.
These numbers show rising production levels, increased market demand, and improved supply chain performance.
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 and waste management, which posted the sector’s most significant expansion.
Raw materials inventory fell below the 50-point threshold, reflecting tight input availability or more efficient inventory management by manufacturers.
The Services Sector PMI remained robust at 56.8 points, marking its tenth consecutive month of expansion. All 14 subsectors surveyed recorded growth, signalling 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 signals continued improvements in consumer spending, business activities, and service delivery.
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.
Forestry recorded the strongest growth among the subsectors, benefiting from increased demand for timber and related raw materials.
