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Nigeria’s economic momentum strengthened further in September 2025, as the country’s Purchasing Managers’ Index (PMI) climbed to 54.0 points from 51.7 points in August, according to the latest report by the Central Bank of Nigeria (CBN). This marks the tenth consecutive month of expansion, underscoring continued resilience across key sectors of the economy.
The PMI, a key barometer of business activity, measures the health of the economy — with readings above 50 indicating growth. The 54.0 reading reflects stronger output, increased new orders, and higher employment levels, pointing to broad-based improvement across the Industry, Services, and Agriculture sectors.
According to the report, September’s Composite PMI and its three major sectoral indices showed robust expansion, indicating sustained economic growth through the third quarter of 2025. Key performance indicators reflected the following: Output Index (54.8), New Orders (53.7), Employment (53.4), Raw Materials Inventory (52.9), and Suppliers’ Delivery Time (54.6).
These figures suggest a more efficient operating environment, driven by rising production, stronger demand, and faster supply chain performance.
Of the 36 subsectors surveyed, 28 reported expansion, while only 8 recorded mild contractions. The Forestry subsector led overall performance with an impressive 73.6 index points, while Nonmetallic Mineral Products experienced the sharpest contraction at 40.7 points.
The Industry Sector PMI rebounded to 51.4 points in September, recovering from 49.1 points in August, indicating renewed expansion after a brief contraction. Out of 17 industrial subsectors, 11 posted growth — led by Printing & Related Support Activities (59.4) — while 6 subsectors contracted slightly. Sectoral indicators included Output (51.6), Employment (51.9), Raw Materials Inventory (51.1), and Suppliers’ Delivery Time (54.6). Although New Orders slipped marginally to 49.4 points, overall industrial activity remained on an upward trajectory.
The Services Sector continued its growth streak for the eighth straight month, posting a PMI of 54.7 points in September. All key indices expanded — Business Activities (56.3), New Orders (55.1), Employment (54.1), and Inventories (53.2) — reflecting robust demand and steady job creation. Among 14 subsectors, 12 expanded, led by Educational Services (65.8), while Professional, Scientific & Technical Services recorded a mild decline at 45.6 points.
Similarly, the Agriculture Sector maintained its position as the best-performing segment, with its PMI rising to 54.8 points — marking fourteen consecutive months of growth. All five agricultural subsectors expanded, supported by strong readings across General Farming Activities (55.4), New Orders (55.9), Employment (53.4), and Raw Materials Inventory (54.5). The Forestry subsector stood out with a remarkable 73.6 points, reinforcing the sector’s vital contribution to national output.
Overall, the CBN’s PMI report for September paints a picture of sustained recovery and resilience in Nigeria’s economy, supported by broad-based sectoral expansion and improved business confidence.
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