The Central Bank of Nigeria (CBN) has released its latest Purchasing Manager Index (PMI) report, revealing a mixed bag of economic activity in August 2025. While the composite PMI and two of its sectors, Services and Agriculture, recorded expansion, the Industry Sector experienced a decline. The composite PMI stood at 51.7 points, indicating an expansion in economic activities for the ninth consecutive month.

According to the report, the Industry Sector index contracted at 49.1 points, driven by a decline in 10 of its 17 sub-sectors. Output, New Orders, and employment all declined, with index points of 49.6, 47.2, and 48.9, respectively. However, the Suppliers’ Delivery Time index recorded a fast delivery time at 52.4 index points. Among the 17 sub-sectors surveyed, Transportation Equipment recorded the highest expansion, while Paper Products experienced the highest level of contraction.

In contrast, the Service Sector index expanded at 51.9 points, marking the seventh consecutive month of growth. Ten out of 14 sub-sectors recorded growth in economic activities. The Agriculture Sector also recorded an expansion, with an index point of 53.9, marking the thirteenth consecutive month of growth. All five sub-sectors in the Agriculture Sector reported growth in economic activities.

The report highlights a significant gap between input and output prices in the Industry Sector, which recorded the highest gap at 7.4 points. The Services Sector, on the other hand, recorded the lowest gap at 3.7 points. Overall, the August 2025 PMI data indicates continued expansion in economic activities across Nigeria, driven primarily by the Services and Agriculture sectors. This expansion underpins a favorable outlook for the third quarter of the year.