Nigeria’s manufacturing sector has experienced sustained expansion for the tenth consecutive month, according to the September 2025 Purchasing Managers’ Index (PMI) report released by the Central Bank of Nigeria (CBN). The PMI rose to 54.0 points in September, up from 51.7 points in August 2025, indicating a stronger and broad-based expansion in aggregate economic activity.
The industry sector PMI stood at 51.4 index points in September, reflecting an expansionary trajectory. Further analysis reveals that 11 of the 17 subsectors surveyed reported growth, highlighting a moderate but broad-based improvement in industrial activity. The Industry Sector posted expansion in September, driven by increases in all sectoral indicators except for new orders.
The Service Sector PMI also indicated sustained expansion for the eighth consecutive month, standing at 54.7 points in September. Twelve of the 14 subsectors surveyed recorded growth in business activity, underscoring the broad-based nature of the sector’s performance. The Services Sector recorded expansion for the eighth consecutive month, attributable to increased business activities.
In the Agriculture Sector, expansion was recorded for the 14th consecutive month, with all five subsectors recording growth in agricultural activities. The sector recorded the widest gap between input and output prices at 8.2 index points in September, driven by an increase in new orders. Conversely, the Services Sector recorded the narrowest gap at 2.2 index points.
Overall, the September 2025 PMI data indicated a continued expansion in economic activities across Nigeria. A further breakdown of the 36 subsectors across the Industry, Services, and Agriculture Sectors showed that 28 subsectors reported expansion in economic activity during the review month, with the Forestry subsector posting the strongest growth. Only eight subsectors recorded mild contractions in economic activities, with Nonmetallic Mineral Products reporting the highest decline. However, the CBN noted that the overall impact was insignificant to offset the broad-based expansion observed across the other subsectors.
The sustained expansion in Nigeria’s manufacturing sector is a positive indicator of the country’s economic performance. As the economy continues to grow, it is likely that the PMI will remain a key indicator of the country’s economic health. The CBN’s report provides valuable insights into the state of the economy, highlighting areas of growth and decline. The data will likely be closely watched by investors, policymakers, and other stakeholders as they look to understand the trends and outlook for the Nigerian economy.