Nigeria’s economy has continued its growth trajectory, with the Composite Purchasing Managers’ Index (PMI) rising to 56.4 points in November. This marks the twelfth consecutive month of expanding economic activity, according to the Central Bank of Nigeria’s PMI report. The industry sector maintained its upward momentum with a PMI of 54.2 points, while the services sector posted a PMI of 56.8 points, extending its expansion streak to ten straight months. The agriculture sector outperformed other segments, recording a PMI of 58.2 points and signaling expansion for the sixteenth consecutive month. All five agricultural subsectors showed growth, underscoring the sector’s central role in supporting national output amid rising demand for food and raw materials.
Similarly, every one of the 14 subsectors surveyed within services recorded growth in business activity, highlighting a broad‑based recovery and the strengthening of both consumer‑facing and professional service segments. The National Bureau of Statistics (NBS) recently reported that Nigeria’s real gross domestic product (GDP) grew by 3.98% year‑on‑year in the third quarter of 2025, surpassing the 3.86% recorded in the same quarter of 2024. Agriculture grew by 3.79%, up from 2.55% a year earlier; industry expanded by 3.77%, compared with 2.78% previously; and services increased by 4.15%, down from 4.97% in the prior year.
CBN Governor Olayemi Cardoso stated that Nigeria’s economy is now more resilient and better able to withstand external shocks than ever before in its history. This resilience positions Nigeria, alongside Ethiopia, as a leading force in Africa’s economic recovery. The latest PMI figures and GDP growth rates indicate a positive trend in Nigeria’s economic performance, with the services sector’s contribution to aggregate GDP rising to 53.02% in the third quarter of 2025, compared with 52.93% in the same quarter of 2024.
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