Nigeria’s Economy Grows for 11th Straight Month as CBN PMI Hits 55.4

Nigeria’s economy continued its steady recovery in October 2025, expanding for the eleventh consecutive month, according to the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI). The composite PMI rose to 55.4 index points, up from 54 in September, signaling broad-based growth across multiple sectors.

The CBN report highlighted strong performances in industry, services, and agriculture. The industrial sector PMI climbed to 54.2 points, driven by growth in nine of the 17 subsectors surveyed. Meanwhile, the services sector recorded a PMI of 55.6, marking nine months of continuous expansion, with 11 of 14 subsectors reporting growth.

Agriculture led the charge with a PMI of 55.7, expanding for the fifteenth consecutive month. All five subsectors in the agriculture sector recorded growth, although this sector also saw the largest gap between input and output prices, at 8.4 index points, compared with the services sector, which recorded the narrowest gap at 0.6 points.

The report underscores a resilient and broad-based expansion in Nigeria’s economy, reflecting increased business activity, industrial output, and agricultural productivity.