The Central Bank of Nigeria (CBN) has released its latest Purchasing Manager Index (PMI) report, revealing a mixed picture of economic activity in August 2025. The composite PMI stood at 51.7 points, indicating expansion for the ninth consecutive month. Both the Services and Agriculture sectors recorded growth, while the Industry sector contracted.
In the Industry sector, the index fell to 49.1 points, reflecting a decline in ten of its seventeen sub‑sectors. Output, new orders and employment all slipped, with index values of 49.6, 47.2 and 48.9 respectively. Despite the overall slowdown, the Suppliers’ Delivery Time index showed faster deliveries at 52.4 points. Among the sub‑sectors, Transportation Equipment posted the strongest expansion, whereas Paper Products experienced the deepest contraction.
The Services sector expanded to 51.9 points, marking the seventh month of continuous growth, with ten of its fourteen sub‑sectors reporting increased activity. The Agriculture sector posted an index of 53.9 points, its thirteenth month of expansion, and all five of its sub‑sectors showed growth.
The report also highlights a notable gap between input and output prices. The Industry sector recorded the widest gap at 7.4 points, while the Services sector had the narrowest gap at 3.7 points. Overall, the August 2025 PMI data suggests that Nigeria’s economy continues to expand, driven primarily by the Services and Agriculture sectors, supporting a favorable outlook for the third quarter.
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