Nigeria extended its growth streak for the twelfth month in November 2025, based on new data from the composite Purchasing Managers’ Index published by the Central Bank of Nigeria. Agriculture remained the strongest driver of expansion during the month.
Read also: Cardoso sets 2026 agenda, rules out CBN deficit financing
Growth sustained across all sectors
The headline index rose to 56.4 index points in November, up from 55.4 in October. The report showed broad improvements across industry, services, and agriculture as firms increased production and responded to stronger demand.
The Bank stressed its standard notice that the PMI reflects the views of survey respondents and “does not represent the official position of the Central Bank”. It added that it cannot be held liable for decisions based on the survey.
A total of 29 of the 36 subsectors surveyed recorded expansion, making November the strongest month so far in 2025.
Read also: David Oyelowo unveils $10m plan to strengthen Nollywood’s global expansion
Industry performance and output movement
The industry PMI stood at 54.2 index points, with 10 of 17 subsectors reporting growth. The output index rose to 57.1 points, new orders to 54.4 points, and employment to 51.6 points. The raw materials inventory index declined to 49.7 points, indicating a drawdown of existing stock as production increased.
Supply chain conditions improved, with the suppliers’ delivery time index strengthening to 55.6 points. Better logistics in the petroleum and coal products subsector supported faster delivery cycles.
Among industry subsectors, water supply, sewerage and waste management recorded the strongest performance, while paper products posted the largest contraction. The contraction did not shift the overall direction of activity during the month.
Read also: South Africa extends lead as Nigeria’s equity funding falls to $191m
Services and agriculture maintain expansion
The services sector recorded a PMI of 56.8 index points, marking ten consecutive months of expansion. All 14 subsectors surveyed reported growth.
Agriculture recorded a PMI of 58.2 index points, with all five subsectors expanding for the sixteenth month. The sector also showed the widest gap between input and output prices at 7.2 index points, indicating rising output compared with input cost movements. The services sector reported the narrowest price gap at 2.7 points.
Read also: CBN cuts MPR to 27% in first rate easing in five years to attract investors
Economic expectations and outlook
In his personal statement during the September 2025 meeting of the Monetary Policy Committee, MPC member Aloysius Uche Ordu projected output growth of 3.87 percent for Q2 2025 and 4.25 percent for the full year. He linked the outlook to progress in fiscal reforms, infrastructure efforts, and foreign exchange market stability. He noted that business expectations were improving, capacity utilisation in agriculture had reached new highs, and expansion in agriculture and services continued.
With November’s PMI showing gains across all major sectors, the data points to a positive trajectory as the economy enters the final stretch of 2025.
