Nigeria's economy has marked its 11th consecutive month of expansion, with the Purchasing Managers Index rising to 55.4 points in October 2025. The Central Bank of Nigeria reported improvements across key sectors, signaling sustained growth despite challenges. This follows September's 54 points, highlighting broad-based business optimism.
The Central Bank of Nigeria (CBN) disclosed that the Purchasing Managers Index (PMI) reached 55.4 points in October 2025, up from 54 points in September. This marks the 11th straight month of expansion for Africa's largest economy, with 25 of 36 surveyed subsectors showing growth amid macroeconomic headwinds.
The industrial sector led the gains, with its PMI climbing to 54.2 points from 51.4 in September. Nine of 17 industrial subsectors recorded increased activity, underscoring recovery in manufacturing and related areas.
Services, a key non-oil growth driver, continued its ninth consecutive upward month at 55.6 points. Eleven of 14 subsectors expanded, reflecting widespread business activity.
Agriculture shone brightest, hitting 55.7 points for its 15th consecutive expansion—the longest streak among sectors. All five agricultural subsectors grew, emphasizing the sector's role in recovery.
Price dynamics varied: agriculture faced the widest input-output price gap at 8.4 points, indicating high production costs, while services showed the narrowest at 0.6 points, suggesting better cost control.
Composite PMI components also improved: output rose to 57.2 points, new orders to 56 points, and employment to 53.8 points, pointing to stronger demand and workforce expansion.
These figures reinforce positive sentiment nationwide, though challenges persist.