Nigeria’s economic expansion continued its upward trajectory in November, with the Composite Purchasing Managers’ Index (PMI) rising to 56.4 points, marking the twelfth consecutive month of growth, according to the Central Bank of Nigeria (CBN).
The industrial sector recorded a PMI of 54.2 points, with 10 of the 17 subsectors showing growth, reflecting resilience and stronger output across the industrial value chain. The services sector posted a PMI of 56.8 points, extending its expansion streak to ten months, while the agriculture sector led with a PMI of 58.2 points, signaling 16 months of continuous growth. All five agricultural subsectors reported expansion, underscoring the sector’s role in supporting national output amid rising demand for food and raw materials. Likewise, all 14 services subsectors surveyed reported growth, highlighting a broad-based recovery in consumer-facing and professional services.
The CBN report also noted variations in price pressures. Agriculture recorded the widest gap between input and output prices at 7.2 index points, reflecting rising costs for farmers, while the services sector experienced the narrowest gap at 2.7 points, indicating more contained price movements.
On Monday, the National Bureau of Statistics (NBS) reported that Nigeria’s gross domestic product (GDP) grew by 3.98 percent year-on-year in real terms in Q3 2025, up from 3.86 percent in the same quarter of 2024. Agriculture grew by 3.79 percent, up from 2.55 percent, while the industrial sector expanded by 3.77 percent from 2.78 percent. The services sector grew by 4.15 percent, slightly lower than 4.97 percent in Q3 2024, but still contributing the largest share of GDP at 53.02 percent, up from 52.93 percent in the previous year. Aggregate nominal GDP stood at N113.58 trillion, representing an 18.12 percent year-on-year growth from N96.16 trillion in Q3 2024.
Commenting on the performance, CBN Governor Olayemi Cardoso said Nigeria’s economy is now more resilient to external shocks than ever. Speaking at the 60th annual dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, he noted that Nigeria, alongside Ethiopia, is leading economic recovery on the African continent.
