Nigeria’s economy has maintained its growth trajectory, with the Composite Purchasing Managers’ Index (PMI) rising to 56.4 points in November. This marks the twelfth consecutive month of expansion in economic activity, according to the Central Bank of Nigeria’s PMI report. The industry sector has maintained its upward trajectory, with a PMI reading of 54.2 points, while the services sector posted a PMI of 56.8 points, extending its expansion streak to the tenth consecutive month.
The agriculture sector has continued to outperform other segments, with a PMI of 58.2 points, signaling expansion for the sixteenth straight month. All five agricultural subsectors recorded growth, affirming the sector’s central role in supporting national output amid rising demand for food and raw materials. Similarly, all 14 subsectors surveyed within services recorded growth in business activity, highlighting the sector’s broad-based recovery and the strengthening of consumer-facing and professional service segments.
The National Bureau of Statistics (NBS) recently reported that Nigeria’s gross domestic product (GDP) grew by 3.98% (year-on-year) in real terms in the third quarter of 2025. This growth rate is higher than the 3.86% recorded in the third quarter of 2024. The agriculture sector grew by 3.79%, an improvement from the 2.55% recorded in the corresponding quarter of 2024. The industry sector stood at 3.77% from 2.78% recorded in the third quarter of 2024, while the services sector recorded a growth of 4.15% from 4.97% in the same quarter of 2024.
The CBN Governor, Olayemi Cardoso, has stated that Nigeria’s economy is now more resilient and can withstand external shocks better than ever in its history. This comes as Nigeria and Ethiopia are leading economic recovery on the African continent. The latest PMI report and GDP growth rate indicate a positive trend in Nigeria’s economic performance, with the services sector contributing more to the aggregate GDP in the third quarter of 2025 at 53.02% compared to the corresponding quarter of 2024 at 52.93%.