Nigeria’s economy extended its growth streak for the twelfth consecutive month in November 2025, with agriculture emerging as the strongest driver of expansion, according to the latest Purchasing Managers’ Index report published by the Central Bank of Nigeria.

The headline number captured broad improvements across all sectors, showing that the economy continued to gain momentum as businesses increased production, expanded operations, and responded to rising demand conditions.

The composite Purchasing Managers’ Index rose to 56.4 index points in November 2025, up from 55.4 in October, signalling a stronger and broad-based expansion in aggregate economic activity. This sustained improvement marks 12 uninterrupted months of growth and reflects rising confidence among businesses across the country.

The report confirmed that industry, services and agriculture all recorded expansion in the review month, reaffirming that the improvement in economic activity was not isolated but widespread.

The PMI breakdown showed a composite PMI of 56.4 points, with the industry sector at 54.2 points, services at 56.8 points, and agriculture at 58.2 points. Output indices strengthened further, with the composite output index climbing to 59.1 points. The industry output index stood at 57.1 points, services at 59.2 points, and agriculture at 61.0 points, underscoring the strong production activity that supported the month’s overall performance.

While presenting the data, the CBN reiterated its standard disclaimer, noting that the PMI reflects the views of survey respondents and does not represent the official position of the Central Bank. The Bank emphasised that it cannot be held liable for decisions taken based on the survey responses.

A deeper look into the composite PMI showed that 29 out of the 36 subsectors surveyed recorded expansion, making November the strongest month of expansion so far in 2025. The industry sector’s performance remained resilient, with the PMI rising to 54.2 index points. Ten out of the 17 subsectors surveyed reported growth, reflecting broad improvement in industrial performance. The sector benefited from rising production activity, improved demand, and increased workflow, which were evident in the movements across key sub-indices.

In the industry sector, the output, new orders, and employment indices all posted expansion in November, with readings of 57.1, 54.4, and 51.6 points, respectively. These figures indicated stronger production volumes, better demand conditions, and modest increases in hiring as firms responded to improving economic momentum. Despite these gains, the raw materials inventory index contracted slightly to 49.7 points. The decline pointed to a faster drawdown of existing inventory levels as manufacturers boosted production, possibly due to improved sales or delays in replenishment. Even so, the contraction in inventory aligned with ongoing expansion as firms adjusted stock levels to meet rising demand.

Supply chain conditions also improved, as shown by the suppliers’ delivery time index, which rose to 55.6 points in November 2025. The improvement was attributed largely to better logistics in the petroleum and coal products subsector, which helped support faster and more efficient delivery cycles across the industry.

Among the 17 industry subsectors surveyed, 10 recorded expansions, while seven posted mild contractions. The expansions were strong enough to sustain the sector’s growth momentum, with water supply, sewerage and waste management registering the strongest performance. Paper products, on the other hand, experienced the most notable contraction, though its impact was not strong enough to alter the positive overall direction of industrial activity.

The services sector maintained its solid performance with a PMI reading of 56.8 index points, marking the tenth consecutive month of expansion. All 14 subsectors surveyed recorded growth, highlighting the sector’s broad-based strength and resilience. The agriculture sector once again delivered the strongest performance, with a PMI of 58.2 index points and all five subsectors reporting expansion for the sixteenth consecutive month. Agriculture also recorded the widest gap between input and output prices at 7.2 index points, suggesting strong demand and rising output levels relative to input cost movements. The services sector recorded the narrowest price gap at 2.7 points.

Broader economic expectations remained upbeat. 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, subject to progress in fiscal reforms, infrastructure investments, and foreign exchange market stabilisation. He noted that although concerns persist over energy costs and insecurity, business and household expectations are improving. He added that the business expectations index continues to strengthen, capacity utilisation in agriculture has reached new highs, and expansion in both agriculture and services has remained consistent, reinforcing the outlook for sustained economic growth.

With November’s data showing continuing improvements across all sectors of the economy, the PMI report suggests that Nigeria’s growth trajectory remains firmly positive heading into the final stretch of 2025. (Business Day)

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