Nigeria’s economy has sustained its growth trajectory, with the Composite Purchasing Managers’ Index (PMI) increasing to 56.4 points in November. This marks the twelfth consecutive month of economic expansion, according to the Central Bank of Nigeria’s (CBN) PMI report. The industry sector maintained its upward trend with a PMI reading of 54.2 points, while the services sector posted a PMI of 56.8 points, extending its expansion streak to ten months.
The agriculture sector 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, underscoring the sector’s crucial role in supporting national output amid rising demand for food and raw materials. In contrast, the services sector experienced broad-based recovery, with all 14 subsectors surveyed recording growth in business activity.
The CBN report noted variations in price pressures across sectors, with agriculture recording the widest gap between input and output prices at 7.2 index points. This suggests rising cost pressures on farmers. In contrast, the services sector experienced more contained price movements, with a gap of 2.7 index points.
The National Bureau of Statistics (NBS) reported that Nigeria’s gross domestic product (GDP) grew by 3.98% in real terms in the third quarter of 2025, higher than the 3.86% recorded in the same quarter of 2024. The growth rate was driven by the services sector, which contributed 53.02% to the aggregate GDP, followed by the industry sector, which grew by 3.77%. The agriculture sector also recorded growth, expanding by 3.79% in the third quarter of 2025.
The NBS reported an aggregate GDP of N113.58 trillion in nominal terms, representing a year-on-year nominal growth of 18.12%. This development comes as the CBN Governor, Olayemi Cardoso, stated that Nigeria’s economy is now more resilient and can withstand external shocks better than ever before. The governor noted that Nigeria, along with Ethiopia, is leading economic recovery on the African continent. The sustained economic growth and resilience are positive indicators for the country’s economic prospects, with the services sector expected to continue driving growth in the coming quarters.